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Buffett to GOP: I'll match your cash

After Republican Sen. Mitch McConnell suggests Warren Buffett give his fortune to the U.S. Treasury, the billionaire pledges to match Republican contributions.

By MSN Money Partner Jan 12, 2012 8:21PM

This post is by Andrew Frye and Noah Buhayar of Bloomberg.

 

http://www.bloomberg.com/Billionaire Warren Buffett will match voluntary contributions by congressional Republicans to the U.S. government, he told Time magazine.

 

Buffett, who has said the tax system favors the rich, made his offer after Republicans, including U.S. Representative Michelle Bachmann, suggested he donate his fortune to the government.

 

"If we go to a contribution system, I’ll match the total contribution made by all Republican members of Congress and I’ll even go 3-for-1 with McConnell," Buffett said of Senate Minority Leader Mitch McConnell, the Kentucky Republican, in an interview with the magazine.

 

Buffett, chairman and chief executive officer of Nebraska-based Berkshire Hathaway, supports President Barack Obama, a Democrat. Buffett has called for tax increases on the wealthiest Americans and said he benefits from provisions that aren’t as helpful to the middle class. McConnell has said the United States should focus on shrinking government rather than raising taxes, and that he welcomes voluntary donations. (Post continues below video.)

"Since some, like President Obama and Mr. Buffett want to pay higher taxes, Congress made it possible for them to call their own bluff and send in a check," McConnell’s office said in an e-mailed statement. The senator looks forward to "Mr. Buffett matching a healthy batch of checks from those who actually want to pay higher taxes, including congressional Democrats" and Obama.

 

"It’s kind of touching, this faith he has in the American public, with a $1.2 or $1.3 trillion deficit, that he thinks Americans are so wonderfully spirited that they would just solve it all by contributions," Buffett said. That’s a tax policy "only a Republican could come up with."

 

More from Bloomberg and MSN Money:

VIDEO ON MSN MONEY

30Comments
Jan 13, 2012 4:55AM
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Very seldom do I agree with a Democrat,but in this case I do. Doing away with tax exemptions that allow the rich to get super rich will go a long way in solving the problem, and you won't have to raise taxes.

Jan 13, 2012 11:49AM
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A huge portion of the congress cannot handle money at all. If you research you will find a lot of them have filed for bankruptcy, bounce checks on a regular basis and have below average credit ratings . I love the fact that Warren called their bluff. 

The ones that step up and contribute are the ones needed to be voted for, be they dem or rep 
Jan 13, 2012 11:15AM
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To Mitch McConnell,   Put YOUR MONEY where YOUR MOUTH is.

Jan 13, 2012 11:19AM
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Every time Buffett opens his mouth, I gain respect for the man. It might be wise for the pigs in Congress to not mess with him. He knows what he's talking about with respect to economics, business, and government. I say we hire him to select a board of directors to take over day to day operations of the federal government, and throw out the current crop of bums who clearly can't do the job. I'd bet everything I have that you'd see improvement in a matter of months.    
Jan 13, 2012 11:21AM
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Republican politicians tout their skills to run 'successful' companies but in fact if they were any good at it they would continue to run their companies and not run as politicians.

 

Buffett has successfully steered BRK and continues to make robust investments in companies that add to the bottom line.

 

Why on earth would any Republican, or even any American, challenge his track record. 

Jan 15, 2012 11:18AM
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The only answer to stop the movement of cash and other valuables to the rich and to stop the creation of the rich robber barons is to have a direct income tax without the loopholes in our tax structure.  At one time the top rate was 91% but lowered to 52% under John Kennedy and then lowered again to a max 39 and 1/2% during the Reagan Administration.  This along with loopholes in our tax law let a lot of millionaires pay minimum tax as described by Mr. Warren Buffett, but did nothing for the struggling American Worker.  The question here is whether our Congress increases taxes on the wealthy or we eventually have a revolution in this country..
Jan 13, 2012 6:45PM
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Why didn't he call out Democrats first!

 

Because they aren't the ones doing the loudest complaining about the debt/deficit at the moment.  His challenge to republicans is that if the debt is such a concern for you, and you think volentary contributions are the way to go, show how much have republicans donated themselves to debt reduction and get a financial bonus. 

 

If they go for it, he eats a bit of crow.  If they don't, well, I'm not sure what additional damage could be done to republican's "fiscal hawk" status after the Bush years, but it's amusing to watch.

Jan 16, 2012 3:27PM
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Since McConnell is a cheap ba$tard, Buffet will only have to contribute three dollars.
Jan 16, 2012 10:53PM
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It is funny how many people criticize Buffet and say he is bluffing.  He gives more money  away (yes even percentage wise) than most people.  People can find fault with anything.  Someone said extend the same offer to the Democrats and see how far it goes.  The Democrats are willing to put a tax on the rich, so many of them are rich and will pay up.  The republicans are the ones who think the poor and the middle class should pay more taxes.  Some of you support this even though you are not rich, just to support your party.  If the republicans said kill all of the babies born in the next year, some people would support that position just because their party proposes it.  Blind Party loyalty is only beneficial to the non-thinking person.
Jan 16, 2012 10:28AM
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I am surprised at the number of people not wanting any of Buffet money. They attack him for this proposal. 
Jan 16, 2012 9:30PM
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maybe the gop should shut up about where someone should give their money to, and buffet should extend that same offer to the democrat party and see how far that goes.
Jan 13, 2012 12:46PM
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The more Mr. Buffett speaks, the wiser that I feel I become.  First, way to go on calling the GOPs bluff!  Before I say more, although I am a lifelong registered Democrat, I always vote the person, not the party.  I'll be the first to admit that the Democrats do not have all the solutions and I think that some GOP ideas make a lot of sense.  I very much agree with the comments of michaelinga and EHCaddis (below).  I'm from Massachusetts and while I applaud Mitt Romneys efforts in leading the charge for universal health insurance when he was Governor, there is much to be said in a negative light about Bain Capital's "restructuring" of companies, especially when compared to the way that Warren Buffett does business.

 

I think that Congress should award Mr. Buffett a Congressional Gold Medal to recognize what a positive role model he and his company practices can be for others.

Jan 16, 2012 8:31PM
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I wonder if he'll match my contribution on a percentage of net worth basis??  Its easy for buffet to say he'd match my contribution of $10 grand, which is a large chunk of my worldly possessions, but not a pimple on his rear end.  I'd like a Republican congressman to challenge him to THAT.  He thinks he's shutting them up...I bet challenging him on about 20% of his net worth would shut HIM up.

Jan 17, 2012 11:38AM
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If your money comes from profits from the  customers (us) why don't you lower the price of the service and adjust your profit to a lower level.  If you insist all of your associates do the same perhaps we can get the actual cost of goods to a managing level so all of us can enjoy.  All in your chain raise the price to make a profit which you get.
Jan 17, 2012 3:18PM
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For all the religiously proclaiming individuals ; to those politicians & one particular cable news (what a spin & lie) channel. Read 'The Word' you profess to protect. What is the root of ALL evil?  The love of   $ Money $ !  And who squawks the most about Warren Buffets compassion for the less fortunate? Those who try to turn his heartfelt words (and actions) into some kind of a scheme for his benefit? Some people are or have become grateful at some point in their life for their success and wealth, and believe in doing the right thing to help others. And there are those who look at themselves above others and look down and say "it serves you right for being so lazy or foolish or stupid."  And then there are 'the followers' who's ears get tickled by promises of prosperity that gives them what 'they' want and believe they deserve. Even when it comes from those taking & receiving more and yet who's stomach's are never full. It's well overdue for the self-righteous to start discerning the Word they claim to protect and living that truth out in their lives. More importantly it's time for followers eyes, ears & hearts to be open to the truth, and for their minds to be able to identify/discern the 'Imposter' when he comes around. Even at election time.
Jan 17, 2012 1:59PM
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money msn com/tax-tips/post aspx?post=0de0ad5d-1e48-4224-86b4-a8664b10fcf0&_blg=2

 

Here is your Republican Presidential nominee's (proposed) tax plan. Rich people 15% tax cut Middle class 2% poor people 60% tax INCREASE!

 

Replace the spaces with dots

Jan 17, 2012 1:51PM
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" This is a repeat of the continued bailout of Big Banks and Wall Street that has occurred while Obama is president."

Here is an example on people who post nonsense as truth. Evryone knows th bank bailouts wer instigated by Bush. Obama got the money back with interest from those banks and lending institutions. yes Bush used tax payers money and that was one good thing his admin did because the financial institutions were bankrupt both hee and abroad and our friend the Chinese lent Bush so much money they said No way to anymore. facts have a way of making posts like the above null and void.

Jan 25, 2012 8:06AM
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hate to use this as my personal forum...however..? Taking profits from companys yearly is simply greed.If I own stock in a company and the value of that company increases then the value of my stock increases,so my fortune grows.I sell the stock and make a profit.Investors want to drain capital from their own companys while retaining ownership.It does not work and in the long run has been proven that over time 100% of business wil fail.The reason is not enough retained earnings to weather out economic downturns.Insufficient capital for expansion and diversification.

In short you cant have your cake and eat it too.

Jan 17, 2012 1:41PM
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It's amazing how ("THEY") the rich and government want US ( the consumer) to contribute to their mistakes and mis-managed future visions.

If government would have BAILED OUT the consumer to the tune of  $297 Billion dollars when this economy took a dump we wouldn't be where we are at now. If government would have told the banks, (GOVERNMENT) will back people on their foreclosures by having families in foreclosure refinance to a lower rate at that time, we would be in much better place now.

Now because the GOVERNMENT BAILED OUT BANKS AND WALL STREET we are all TRILLIONS in DEBT and sinking fast. This year the FORECLOSURE will DOUBLE from the first year foreclosures started.

It would have taken a TOTAL of $297 Billion to BAIL OUT the consumer and have them paying back each month. NOW we're almost $2 TRILLION in DEBT and sinking fast. I feel like I am on a sinking cruise ship with no life rafts.... FRICKEN BUNCH OF CRIMINALS.

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