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>And if he paid less in taxes, he'd buy more goods and services, too. I disagree. Buffett is so wealthy that it simply doesn't matter if his bottom line is red
by kingnothing 17y ago
>And if he paid less in taxes, he'd buy more goods and services, too.
I disagree. Buffett is so wealthy that it simply doesn't matter if his bottom line is reduced by 35%. His net worth is $40 billion. It is simply impossible for him to run out of money at this point.
Think about this for a moment. At $200M each, he could have a personal Boeing 777 on call in every state in the country ($10B) and still have $30B left over. The most expensive house in the United States is a $165M compound in Beverly Hills with 72,000 square feet of living space. Why not build 100 of them around the world for $16B? There's still $14B left for the cheap stuff: Ferraris, Bugattis, servants, chefs, and whatever else you can dream up.
Barring any bad business deals, it's effectively impossible to squander away one billion dollars much less forty. A 35% tax hike or cut won't affect his spending in any way, shape, or form.
- byrneseyeview 17y agoOnly if you define "spending" as "immediate spending on consumer goods." Saving is just that kind of spending, deferred -- in Buffett's case, deferring it increases the amount that's spent, since he compounds his net worth at an above-average rate. So take whatever numbers you'd use assuming my previous comment was correct, and bump them up drastically.