Warren Buffett Making Sense

Submitted by: MacGuffin 4 years ago in Entertainment

10 minute doc about Warren Buffett, one of the world"s richest men, and his fascinating views on wealth and society.
There are 24 comments:
Male 2,868
@randomxnp- "...crony capitalism that the Chicago Machine has brough into Washington." yeah, crony capitalism was totally absent until the Chicago politicians showed up. Are you insane? Yeah, Bush, Clinton, Bush Sr, and Regan all served the best interests of the people and were completely untouched by corporate influence. Come on, get fcuking real. Remember the No-bid contracts that Halliburton secured during the Bush Administration? That couldn`t POSSIBLY have been due to their campaign contributions or the fact that the fcuking vice president used to be their CEO.
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Male 646
Buffet seems to be obsessed with his image as a "common" kind of guy, who just "happens" to be good at making money, when he`s not. He started off in a way better position than many other people, and I`m sure that he feels comfortable saying that rich people should pay a higher tax because he knows that he will be long dead before anyone passes a law that will touch his $$.

It`s kind of hard to come off as a man with basic needs, who buys "hail damaged cars", while at the same time being the richest man in the world.
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Male 2,578
He`s not incorrect. The main reason he pays not very much is because he gets his income through investment. However, 50% of Americans don`t pay any federal income tax (it used to be 30% not long ago)...so a highly progressive tax system is already in place.

The tax system just needs to be reformed. People like Buffet should pay a little more, spending needs to be halved to 90`s levels (yeah, it was suuuch armageddon back then). Then we stand a chance of not condemning our children to poverty. I fear it is too late for most of Europe, though.
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Female 2,602

[quote]He is perfectly at liberty to pay more if he so wishes[/quote]
Once again, he is not suggesting that anyone should freely *give* their money away. He is suggesting that the rich should be *required* to pay a greater percentage of tax than the poor.

I guess there`s more than one person choosing to misunderstand that blindingly-simple concept, eh random?
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Male 1,293
As for this video, it is just a celebrity hagiography. It does not challenge Buffet, it does not really show Warren Buffet "making sense" or making no sense, as he is sometimes wont.
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Male 1,293
MacGuffin

He is perfectly at liberty to pay more if he so wishes, or even to pay the taxes her already owes. He doesn`t. He is a hypocrite, who is making large amounts of money out of crony capitalism that the Chicago Machine has brought into Washington.

The wealthy do, in fact, pay a greater percentage than the less wealthy, including Buffet himself. That he is dishonest about it, in including only the taxes he pays directly and ignoring the taxes already paid on the income in his investments (such as corporation taxes), shows he is simply playing the angles. I am sure he knows the truth.

Then of course you have the Laffer curve: higher taxes for political reasons, lower revenue hurting the US fiscal balance.
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Male 41
What I got from this- Buy a hail damaged car, why the drat not?
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Male 3,147
I do like him...but I think as a business owner he`s found that the best way to let the business make money is to let the manager just do their thing and put the financials in every month. That just gives him an out as far as plausible deniability goes though - for instance coca cola has been known to use very heavy-handed tactics against it`s junior employees in Columbia - Mr. Buffet with all his shares really could do something about that....he could force the management policies - but his hands-off approach gives him the `out` that `oh i didn`t know about that..`.

Other than that, I do really like the guy... as I do Bill Gates since he got married and started doing more good with his money (as opposed to Steve Jobs who as soon as he took over apple again he stopped all their charitable programmes and they`ve never been restarted).
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Male 186
Yep, because everyone that works at DQ has health insurance and makes a living wage.
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Male 10,855
[quote]And not just "more" as in a greater monetary amount, but also a greater percentage of their income than a less wealthy person could afford. I agree with his sentiment.[/quote]

Unfortunately such policies tend to drive people towards other countries with lower tax rates, and/or shelter their money in offshore accounts. This is opposed to investing their money into their American business, and payrolls.
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Female 2,602

[quote]I understand the simple concept completely, I also understand that even at a flat rate richer people do pay more taxes than everyone else.[/quote]
So what? Buffett`s position is that rich people can afford more, and should therefore be compelled to pay more. And not just "more" as in a greater monetary amount, but also a greater percentage of their income than a less wealthy person could afford. I agree with his sentiment.
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Male 10,855
[quote]What don`t you understand about that simple concept?[/quote]

I understand the simple concept completely, I also understand that even at a flat rate richer people do pay more taxes than everyone else.
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Female 2,602

[quote]All that makes his own assertion morally bankrupt. "I`m unwilling to give my money to the govt, thus everyone else should!" [/quote]
He`s not saying that anyone should *give* their money to the government. He`s saying that taxes should be higher for people that earn more. What don`t you understand about that simple concept?
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Male 10,855
[quote]aren`t even facing legal action[/quote]

For what?

[quote]He`s not volunteering to take that burden on all on his own, and he`s not volunteering to give up anything he`s entitled to under the current legislation.[/quote]

All that makes his own assertion morally bankrupt. "I`m unwilling to give my money to the govt, thus everyone else should!"

[quote]He doesn`t need to allow the government to prosecute him without defending himself to prove that he`s got more morals than all the politicians in Washington put together.[/quote]

Right, so why should people with questionable morality be allowed to raise taxes on him and everyone else?
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Female 2,602

You people that criticise others for merely insisting on their rights do make me laugh. Buffet`s already shown he`s a philanthropist through the 30 billion he`s given away to those who actually need it. He doesn`t need to allow the government to prosecute him without defending himself to prove that he`s got more morals than all the politicians in Washington put together.
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Female 2,602

[quote]if buffett truly believes he and other millionaires/billionaires should pay more he should just pony up the dough and not fight it in court.... after all... he said he should pay more...[/quote]
What a load of crock. Why should Buffet bend over and allow court cases he can win to be lost, whilst at the same time other rich people (who of course donate hefty sums to political parties) aren`t even facing legal action? His position is that all rich people should be facing increases in tax. He`s not volunteering to take that burden on all on his own, and he`s not volunteering to give up anything he`s entitled to under the current legislation.

...
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Female 2,602

[quote]Mitt Romney gives 15% of his income to charity...[/quote]
Only if you consider the Mormon Church to be a charity. Personally, I don`t.
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Male 159
well... if you want to make that comparison then...

Mitt Romney gives 15% of his income to charity...

obama... practically nothing...

biden.... absolutely nothing...

if buffett truly believes he and other millionaires/billionaires should pay more he should just pony up the dough and not fight it in court.... after all... he said he should pay more...
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Male 326
Macguffin is exactly right. Look at the way he lives his life outisde of his business, as well as the way he runs his business, and the ammount of money he gives towards charities. Compare that to say... the owner`s of Wal-mart. There`s an example of everything wrong with our financial sytem.
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Female 2,602

"10 minute doc about Warren Buffett" <-- IAB editing again; it`s not a 10 minute doc, it`s 60 minutes in 10 minute segments.
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Female 2,602

[quote]he is what is wrong with this world.....

says "i should pay higher taxes"....

is over 1.5billion in arrears with his taxes...

off with his head...[/quote]

You mean he`s in dispute with the IRS over the amount of taxes he should pay, like many rich people. The last time he was in such a dispute (in 2005) the courts found in his favour.

His position is that he and other rich people ought to pay more tax. That statement has no bearing on his right to pay the correct amount of tax under current legislation.

Plus, he`s given away around 30 Billion to the Bill & Melinda Gates Foundation, which does a lot of good work for humanity in developing countries. That`s my kind of guy, and not indicative of someone that has a problem with giving away money where it`s due or where it matters.
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Male 159
he is what is wrong with this world.....

says "i should pay higher taxes"....

is over 1.5billion in arrears with his taxes...

off with his head...
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Female 2,602

Unfortunately it`s split into six ten-minute segments:

Part 2, Part 3, Part 4, Part 5, Part 6.
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Female 2,602
Link: Warren Buffett Making Sense [Rate Link] - 10 minute doc about Warren Buffett, one of the world`s richest men, and his fascinating views on wealth and society.
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