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