Once Again On The Warren Buffet “Rule,” And The Warren Buffet’s Secretary “Rule”

Click on the headline to link to a The New York Times article, dated August 14, 2011, by Warren Buffet on its Op-Ed page as mentioned in the post below.

Markin comment:

Several weeks ago in The Times (alright The New York Times for those out in the hinterland) Warren Buffet, the legendary capitalist-investor billionaire (and closet “socialist” in some quarters, although don’t get caught up in that noise, hell, they think that imperialist war criminal-in-chief is a socialist too. It must be something in the water where these people live, or some such thing), opined (nice word, right) in a big Op-Ed page article (see link above) that although the rich are different from you and I they should contribute more of their income to the tax base. His straight forward proposition that the simply rich, the super-rich, and then the really rich like him should pony up more of their income for taxes created a fire-storm. And created, well, created the Warren Buffet Rule among media- types every time there is a breath spoken about implementing such a plan. The way it works is simple enough, at least theoretically, for example, say Bill Gates now pays eleven dollars in taxes, under the Buffet Rule he would pay about fourteen dollars and fifty cent. And so on down to the simply rich who would pay maybe an extra quarter or so.

This Buffet Rule thing got me thinking though. Usually I am opposed to such tax-the-rich schemes. Not because I do not want to see them pay their “fair share.” No way. But rather because it will take something like a full-blown class war to get these guys to pony up and we might as well take it all since we created the wealth anyway. Yes, you heard it right-expropriate the bastards and let them work like everybody else. But, realistically, that is music for the future. So as a stop-gap measure I thought I would take Brother Buffet up on part of his idea-the ponying up idea. You know even though the rich are different from you and I they are as capable of voluntary action as we are. So I recently proposed instead of legislating these tax increases we establish a Fund For The Workers Republic (no not that U. S. Treasury Fund thing, hell they would just blow the dough as usual) where they could sent in their donations. And I am happy today to make the first financial report and announce that three dollar and twenty-three cents has been raise thus far. Happy? Yes, happy because now we can get back to serious business- expropriate the bastards. We created the wealth-let’s take it back. Labor must rule.

P.S. I mentioned in the headline Warren Buffet’s secretary and her rule. One of Buffet’s arguments for increased taxation of the rich is that, effectively, his secretary pays a greater part of her income in taxes than he does. Of course she does, as does ninety-nine percent of the universe. The problem, and the reason for Warren Buffet’s Secretary Rule, is that now she, not he, is being audited over some fifty dollar donation for which she doesn’t have the receipt by the IRS in revenge for that mad man’s proposal. The fink: Bill Gates. So the rule is this- if the rich want to propose paying more taxes don’t use secretaries as a foil. Hand offs!