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November 6, 2007
Warren Buffett on Tax Reform
Warren Buffett talks taxes with NBC's Tom Brokaw:
November 6, 2007 in Celebrity Tax Lore | Permalink
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Mr. Buffett is well aware of the "law of abundance," where in the Gospel, the one who did the most with what was given him was also rewarded accordingly - Matthew 25:29 "For to every one who has will more be given, and he will have abundance; but from him who has not, even what he has will be taken away."
Where the one with 2 talents made 2 more, and the one with 5 talents made 5 more, but the one with only 1 talent had the 1 taken from him and given to the one with 10 - Matthew 25:
[26] "...[the] master answered him, `You wicked and slothful servant! You knew that I reap where I have not sowed, and gather where I have not winnowed?
[27] Then you ought to have invested my money with the bankers, and at my coming I should have received what was my own with interest.
[28] So take the talent from him, and give it to him who has the ten talents."
Perhaps most of us mere mortals are as the one with only 1 talent and should invest with the Bankers, to at a minimum receive interest, but alas, we bury our treasure in our working-salaries, only to have it concurrently handed over in taxes.
If Mr. Buffett were to apply the above Gospel to his W-2 salaried workers they would all thus become 1099 workers, "invest" taxes-owed in the interim, and only "pay-tax" on April 15th - with interim residual gain-on-interest/investment to also have taxes owed.
No risk, no reward - salaried W-2 workers thus deservedly pay more taxes as being those with the "least" talents - having buried their riches in taxes along the way.
Posted by: Albert Gavalis | Nov 6, 2007 5:26:48 PM
