Politics

McConnell on Buffett: If He Feels Guilty About His Tax Rate He Should Send in a Check

McConnell on Buffett on Meet The Press: He Should Send in a Check

A common discussion point during Sunday‘s news programs was the announcement of President Obama’s proposed new tax on high income earners, dubbed the “Buffet Rule.” The proposal will ensure that millionaires “pay at least the same percentage of their earnings as middle income taxpayers,” and is named in reference to Warren E. Buffett, the billionaire investor who has complained repeatedly that the richest Americans generally pay a smaller share of their income in federal taxes than do middle-income workers.

In an interview with David Gregory on Meet the Press, Senate Republican Leader Mitch McConnell referenced a similar plan that failed to pass when Democrats held overwhelming control of both the Senate and House shortly after President Obama first took office.

When asked what’s unfair about making richer Americans pay the same tax rate as middle income Americans, McConnell said:

“Well, look, you know, if Warren Buffett would like to give up some of his benefits, we’d be happy to talk about it. I mean, I think that means testing benefits is one of the ways that we’re going to have to solve at least the Social Security and Medicare problems long-term for the next generations. With regard to his tax rate, if he’s feeling guilty about it, I think he should send in a check. But, we don’t want to stagnate this economy by raising taxes.”

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Comments (57)

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  • Juancho Panza
    Posted on September 19, 2011 at 11:54am

    I think Buffett has an ulterior motive. He can afford the increase in capital gains, but many of the younger start-up investors who might compete with him in the market place cannot. So he drives some of his competition out of his business. Not so altruistic!

    Report Post »  
    • American Soldier (Separated)
      Posted on September 19, 2011 at 1:42pm

      This is basically the model of minimum wage. Walmart is one of the biggest supporters of minimum wage. Why? Because they know they can afford to raise their employees pay without having to mark up their prices while the local shops can’t do that. If they raise their employees wages, they have to raise their overall prices as well thus eliminating, or hindering, the competition.

      Report Post » American Soldier (Separated)  
    • ShyGuy
      Posted on September 19, 2011 at 4:53pm

      Yes, his ulterior motive is to deflect people’s attention to the fact that his company has owed the IRS $1.005 BILLION in back taxes for almost ten years now and spineless wimps like Mich McConnell and every other Republican Senator are too cowardly to bring this fact up whenever Obama’s lap dog Warren “The Tax Cheat from Omaha” Buffett’s name is brought up by Obama.

      Report Post »  
  • broken1
    Posted on September 19, 2011 at 11:54am

    Get along republicans like this spineless jellyfish and his other cohorts in the senate ie, mccain, graham, snowe, collins, hatch, etc make me sick. They care nothing about the middle class all they want to do is get along with pres bho. They seem weak in the face of the democrat party’s attacks on tax paying americans. That being said mr buffet needs to thank his lucky stars that bho wasn’t president when he made his first billion. Hey warren before you preach to the rest of us how about paying your corporate taxes that you owe. Freaking liberal hypocrite.

    Report Post »  
  • loveliberty83
    Posted on September 19, 2011 at 11:10am

    Prisoners, mexicans ,non working people all claim the earned income credit 7 many geyt up to 5000 dollars back without working they clain=m many kids BUT how do foreigners get SS numbers for their kids this is a big scanda; 7 they continue to rip off taxpayers

    Report Post »  
  • blacksmith78
    Posted on September 19, 2011 at 9:43am

    The first thing to mention here is The FairTax. It would eliminate all of the holes that that everyone keeps complaining about. I’m not sure you are going to get much more out of Warren since he lives as most of our grandparents told us we should. Being happy with what you have and saving to take care of you and yours. For now, I thought the AMT was supposed to make sure that the “rich” paid a minimum of taxes? Why not fix that instead of having the regular working schup get hit with it. The other big complaint is that many small businesses file as individuals. If that is a problem, exempt them. They do it all the time in this convoluted tax system of ours.

    Also, all of those who think raising taxes on any business will not cause them to raise their prices to maintain the margins that the banks, owners, shareholders, etc require to maintain their “margins” raise your hand. If your hand is up, you don’t get it. And when they raise their price on that candy bar or shirt or toy, everyone who buys it has to pay. Including the 45 plus % of Americans that pay no income tax. Sure, the mega rich can afford to pay more. If the government was acting responsibly, I wouldn’t be surprised if more did. But they don’t and there is no reason to believe that they will.

    Report Post »  
    • loriann12
      Posted on September 19, 2011 at 10:20am

      Have you heard of Herman Cain’s 9 9 9 plan? It’s super simple. 9% flat tax on corporations, with deductions allowed basically for what you need to grow your company. 9% flat tax on payroll, eliminating what we currently have with the only deduction being for charitable contributions. This would eliminate those who get back more than they put in, meaning those who don’t get anything back or have to pay are suplementing those who get everything or more back. 9% flat national income tax on NEW products, not used ones. Not implemented for a used home or vehicle, for instance, only a new one. this gets foreign investors, illegal aliens, legal aliens, the rich, everyone who buys new stuff. You don’t want to pay it? Buy used.

      Report Post »  
    • Bible Quotin' Science Fearin' Conservative American
      Posted on September 19, 2011 at 1:46pm

      I thought Herman Cain’s 999 plan was A Large 3-Topping $9.99

      That guy is a JOKE.

      Report Post » Bible Quotin' Science Fearin' Conservative American  
  • poster
    Posted on September 19, 2011 at 9:24am

    Buffett should send ALL of his money to the Congressional Black Caucus. That way, we could cut out the “middle man” and pay reparations directly to the “slaves”. What a greedy man, that Warren Buffett. All that money, no taxes, and no sharing with the “slaves”. THAT’S greedy.

    Report Post »  
    • encinom
      Posted on September 19, 2011 at 10:33am

      Of course the GOP does not want tax breaks for the middle class, just their wealthy donors.

      Report Post »  
    • mannrt
      Posted on September 19, 2011 at 10:46am

      Hey Encinom,

      Keep repeating the lie to yourself……. Tax breaks for the wealthy…Tax breaks for the weathy

      Report Post »  
    • unequivocally_right
      Posted on September 19, 2011 at 11:16am

      @encinom
      UMMM. Doesn’t Buffet donate to Obama? Isn’t he rich? Lay off the Kool-Aid. Will ya?

      Report Post » unequivocally_right  
    • Bible Quotin' Science Fearin' Conservative American
      Posted on September 19, 2011 at 1:49pm

      I will keep repeating it as long as you keep repeating “cut taxes on the job creators.”

      Historically low taxes for a decade and WHERE ARE THE JOBS? That excess revenue went into dividend payments or expansions overseas. The whole idea is to make the most revenue with the least expense, not to create higher salaries and wages payable. “Cut taxes on the job creators” is a myth. It has clearly produced zero results.

      Report Post » Bible Quotin' Science Fearin' Conservative American  
    • encinom
      Posted on September 19, 2011 at 2:40pm

      Cantor has come out against the middle class tax cut, while he is supporting increase tax cuts for the wealthy.

      Report Post »  
  • individualrights1st
    Posted on September 19, 2011 at 9:20am

    Am I the only one who thinks perhaps we should be lowering the rate his secretary pays?

    Report Post »  
    • HKS
      Posted on September 19, 2011 at 9:28am

      Buffet is not rich because he is stupid. The thing he really fears is that the government will tax his wealth. So he is just hedging his bet with the income thing because he doesn’t need income anyway. Now start talking about taxing the rich guys wealth and you will really hear some screaming and that is where the money would be if that’s what you want. You know, follow the money.

      Report Post » HKS  
    • midnightgolfer
      Posted on September 21, 2011 at 10:38am

      google brought me to this page, searching for the very same thing. Why would anyone assume the answer isn’t just lower her taxes to match his?

      Report Post »  
  • Vietvet1
    Posted on September 19, 2011 at 8:49am

    My thought… The tax loopholes and deductions were made law by our Legislators with OUR OVERSITE and TACIT permission. We can correct it if we are inclined to do so.

    Remove the LOOPHOLES for everybody
    Remove the deductions for EVERYBODY

    If you want to give to charity, do so but Charity is not expecting ANYTHING in return, like a deduction.

    No Earned Income Tax Credits.

    No rebates because you want to buy… a certain car/house/heating system/home windows/solar panels/…even Energy star appliances. You should buy these items because YOU need them and can AFFORD them. My tax dollars have other purposes than to pay out to someone else and I chose to live in a PAID OFF older home or drive a LARGER (older)vehicle. Those are choices made by ME and no one has stepped in to give me a damned thing. So…why is my tax contributions going to programs to put others in debt by buying something THEY SHOULD WANT?

    My income tax return is a 1040A…basically this is what I make, this is what I pay with my wife as a dependent.( which I never understood) and no other deductions. We have had our hands out and upturned so long, we feel we are entitled. My old immigrant Father gave me 6 words that I remember everyday. In broken Greek.. “You no WORK… You no EAT.” ( if you were truly unable to work that was for Charity to help. ) All IMHO.

    Report Post »  
    • loriann12
      Posted on September 19, 2011 at 10:23am

      The big on is earned income credit. That allows people to get back more than they put in. I think if you keep the deductions, it should never give you a credit. You should never get back more than you put in. If you’re below poverty (and I don‘t think welfare recipients who have blackberry’s are below poverty) you might deserve everything back that you put in. But this paying in $1,000 and getting back $5,000 has got to go. (And for the trolls and liberals out there, I don’t have the statistics, that was a for instance. I did read numbers a while back but don’t remember them.)

      Report Post »  
  • JMorcan
    Posted on September 19, 2011 at 8:45am

    Like most politicians, McConnell doesn’t know squat about the economy. Ask him how payroll tax reduction will help Americans compete against Chinese factory workers earning $.050/hr.

    Report Post » JMorcan  
  • EP46
    Posted on September 19, 2011 at 8:24am

    How many times have we given them the address to mail the check to pay down the debt.
    Mail check to –

    ATTN DEPT G
    BUREAU OF THE PUBLIC DEBT
    P O BOX 2188
    PARKERSBURG, WV 26106-2188

    Report Post »  
    • HKS
      Posted on September 19, 2011 at 8:42am

      While he’s at it, maybe he could just pay the taxes he owes. What a hypocrite.

      Report Post » HKS  
  • poorrichard09
    Posted on September 19, 2011 at 7:54am

    Just a side comment-I wish McConnells friends in the senate would take up a collection and by him some LIPS! Better yet, send him home and put a fighter in there.

    Report Post »  
  • DogsofWar
    Posted on September 19, 2011 at 7:50am

    Mark Mallory is a joke. This so called mayor of cincinnati is a progressive pure and simple,which is code speak for commie. He can‘t do his job here in cincy because he’s to busy jet setting around the world talking to other commies. And his lightrail project though no one wants and he insists we do, it is just another example of pork barrel politics as usual. Mr. O PLEASE DON‘T COME TO CINCY things are bad enough already we don’t need your help, Mallory is doing a great job of screwing things up on his own.

    Report Post »  
  • rfycom
    Posted on September 19, 2011 at 7:47am

    also, as I have said many times: keep you nose buried in the rich man crack and see where it gets you. Fight for you position in the pecking order just like the rich do. Fight for the middle class. Man up.

    Report Post »  
  • rfycom
    Posted on September 19, 2011 at 7:43am

    I’m just a common sense kind of guy. Well, mostly and sometimes when I am sober. I get pissed at this whole job creator thing. Don’t raise taxes on the job creators, but then I see the rich have had this huge tax break for the last 12 years and the jobs have been going down ever since. Common sense tells me if you want the same thing do the same thing over again. If the rich are not going to take these huge tax savings and create jobs they can go straight to hell and every one of the people in Washington that protect the.

    Report Post »  
  • Wyatt's Torch
    Posted on September 19, 2011 at 6:03am

    So let me get this straight… he allegedly doesn’t pay enough in taxes, so he gets a “rule” named after him. Why do I get the feeling that the only additional money flowing from the Buffet coffers will be going to his tax attorney to find ways around the Buffet rule? What a crock of crap…

    Report Post » Wyatt's Torch  
    • CatB
      Posted on September 19, 2011 at 6:07am

      This will end up hurting small businesses .. they always do .. not enough millionaires and billionaires to make it “profitable” especially since you are correct they are the ones with the tax attorneys who can find ways around it …. I UNDERSTAND THAT MR. BUFFET OWES BACK TAXES .. I WOULD SUGGEST HE START BY SENDING IN THAT AND MAKE A LARGE CONTRIBUTION BESIDES TO THE IRS.

      Obama is a crook and a thug and so are his “friends”

      Report Post »  
    • ComingUnglued
      Posted on September 19, 2011 at 8:37am

      The last story I read about Buffet was that he had not paid his taxes in 12 years. His attorney was disputing the bill.

      I would stop whining about not paying enough taxes Warren and just pay what you owe! If all the people would just what they owe and stop paying all the tax attorneys to find loop holes and tax shelters we would be fine. Think about that fellows!

      Report Post »  
  • Living In NYC
    Posted on September 19, 2011 at 5:53am

    Mitch I totally agree with you…now Obama is coming to the Brent Spence Bridge on Thursday to stick you, Rand Paul and John Kasich in eye with his “Jobs Program”.

    Look at what Ohio has done in less than a year with republican leadership..opened for business and improved their credit rating to name a few. In Kentucky we are open for business and voted against Obama in 2008!

    Ship Obama back to Chicago so he doen’t jinx our bridge! Every place President Wizard visits causes failure…Solindra?

    Report Post » Living In NYC  
    • Living In NYC
      Posted on September 19, 2011 at 7:09am

      I am sure the mayor of Cincinnati (aka..Democratic Wasteland of Southwestern Ohio / Detroit of Ohio) Mark Malory will be there greeting the emperor with open arms and an open pocketbook to catch those Federal Funds!

      Report Post » Living In NYC  
  • NuffSaid
    Posted on September 19, 2011 at 4:46am

    Shut up Buffet. You got a billion dollars and one vote.
    Shut up you old greedy a**

    Report Post »  
  • babylonvi
    Posted on September 19, 2011 at 3:17am

    Buftett is a two faced globalist. He whines he should pay more tax while taking the government to court so his corp. does not have to pay the tax it owes. In fact, his company has been DELIBERATELY underpaying taxes and is in court to keep it that way.

    Report Post » babylonvi  
  • Ron_WA
    Posted on September 19, 2011 at 1:51am

    I’m highly opposed to raising taxes in general but think there are loopholes we can close.

    All Federal taxes need overhauling. The Federal income tax needs over haul w/ a lowering of rates to a mostly flat-tax, no exemptions. I’m for minor exemptions for those below the poverty rate but they give up certain benefits, provide community service & drug testing in return for tax credits.

    As far as Buffet – if he feels he owes more he should pay more (it’s right on the tax form & easy to do – I’ve done it.).

    On Capital Gains: it is considered “unearned income” because it is money made off of investments & speculation/gambling not off of direct labor – granted the earned income invested aspect of investments has been taxed as earned income but in too many cases that money was earned decades or generations ago. I earn Capital Gains & frankly think it only fair to pay a small fee to play the lottery/market portion of investing. I’d be willing to pay a 20% pay to play fee for returns & unearned income over $1 million & 25% for winnings over $10 million.

    Report Post » Ron_WA  
  • pwatkins
    Posted on September 19, 2011 at 1:49am

    Since when did we taxpayers start paying Buffet for advice. If he is going to make the rules we live by we should have gotten to elect him. If the president is going to allow Buffet to rule our country then we don’t need the POTUS, so let’s fire him for not doing his job. Obama said he had a plan and if congress even accepts this plan we need a new leader in congress.

    I saw Cain getting harrassed today for his 999 plan, which I am not so sure of yet, but anyway he was asked who helped him come up with it and he didn’t want to tell. My point is we are worrying about a candidate‘s plan that may never be elected bc we think he didn’t come up with it on his own, but nothing is said to the POTUS when he says he has a plan, but someone outside of our elected field proposed it, how pathetic.

    Report Post »  
  • proud2bmom
    Posted on September 19, 2011 at 1:00am

    Buffet would be paying more than his secretary if he actually bothered to pay his taxes! I am so sick of these hypocrites.

    Report Post »  
  • Talmid of Yeshua
    Posted on September 19, 2011 at 12:58am

    I’m getting so tired of the mainstream liberal media saying that the middle class pays more in taxes than the upper class. This is such ********. Everyone knows we have a progressive tax system.

    Here are the actual numbers, pure facts:

    2010 Tax Rates:

    Year 2011 income brackets and tax rates
    Marginal Tax Rate Single Married Filing Jointly or Qualified Widow(er) Married Filing Separately Head of Household
    10% $0 – $8,500 $0 – $17,000 $0 – $8,500 $0 – $12,150
    15% $8,501 – $34,500 $17,001 – $69,000 $8,501 – $34,500 $12,150 – $46,250
    25% $34,501 – $83,600 $69,001 – $139,350 $34,501 – $69,675 $46,250 – $119,400
    28% $83,601 – $174,400 $139,351 – $212,300 $69,675 – $106,150 $119,401 – $193,350
    33% $174,401 – $379,150 $212,301 – $379,150 $106,151 – $189,575 $193,350 – $379,150
    35% $379,151+ $379,651+ $189,576+ $379,151+

    Now remember one thing… many lower class rates can claim the E.I.C. (Earned Income Tax Credit). Nothing “Earned” about it… it is pure redistribution of wealth.

    Basically, let’s say you made $15,000, and so you paid $1,500 in income tax. You have two kids. You can claim the EIC, get your $1,500 back, and then get an additional $1,500 + back for the kids. It’s a welfare system, which takes from one tax payer, and gives to another. Pure socialism.

    So the bottom line: The poor don’t pay ANY income taxes, period.

    Report Post » Talmid of Yeshua  
  • RealCowboy
    Posted on September 19, 2011 at 12:47am

    Buffy bet all His marbles on Bambi,it didnt work,so fork up the dough Buffy

    Report Post »  
  • whatthecrazy
    Posted on September 19, 2011 at 12:34am

    Exactly who is president Im confused

    Report Post »  
  • vennoye
    Posted on September 19, 2011 at 12:24am

    Buffett could just pay the taxes his corporation owes…….isn’t his unpaid tax bill about $1Billion???? What a joke this is……..politicians must think we are dumber than dirt!!

    Report Post » vennoye  
    • standswithafist
      Posted on September 19, 2011 at 1:30am

      they do,

      Report Post » standswithafist  
    • 1TrueOne55
      Posted on September 19, 2011 at 2:07am

      At least those on the extreme left (PROGRESSIVE) of the Democrat Party do. They got blacks to agree to free abortions to limit their growth rate as a Minority now the Latinos of America are the largest or the fastest growing population of Minorities in the USA. And now that the Caucasian population is a Minority do the laws apply the same way or is it like the ERA amendment in that it was never about EQUAL rights but special rights?

      Progressives create the crisis and the answer to it and everybody gets hurt it is the oldest confidence game in the world…

      Report Post » 1TrueOne55  
  • Exrepublisheep
    Posted on September 19, 2011 at 12:12am

    If McConell thinks outsourcing American jobs is fine maybe his should be outsourced too. Pickle face owes all he is to Koch inc, just like the rest of the repubes. Bought and sold.

    Report Post » Exrepublisheep  
    • Psychosis
      Posted on September 19, 2011 at 12:16am

      your starting to become boring please return to the hive for retraining

      Report Post » Psychosis  
    • dsind
      Posted on September 19, 2011 at 12:19am

      psych,
      “he” cant,
      she’s the queen bee.
      )

      Report Post »  
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