Warren Buffett, "I could end the deficit in 5 minutes," he told CNBC. "You just pass a law that says that anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election.
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Or there could be legislation that noone in a publically traded company can make more than 50 times what the lowest paid people in the company make. You want 10mil a year, well your cheap labor needs to be making 200k each. Or, the top guy cant make more than the lowest 100 combined income.
Everyone in the family ( he has 3 kids ) runs a foundation so pick a cause you probably nailed it. Its about $50 billion hes given away but if your the fifth richest person in the world your not that bothered
Warren Buffett you’re a big part of this problem with your fake Fox News and you know it. You created a monster to control American politics as a foreigner and you did exactly that and shame on you and your whole family. You did a lot of this.
Too many billionaires to keep straight but Rupert Murdoch is a special brand of vile that has destroyed several nations and is truly detestable and the root of a lot evil
Prince Harry just won a big lawsuit against him from one of the British tablets that he owns. He has to pay Prince Harry. They are definitely so many gross billionaires.
Then every one of them refuses any long-term investment and just slash expenditures to artificially inflate this figure and reduce deficit. If you spend money on infrastructure you might run a deficit... for a while. Gets much better later but by then you'd be ineligible for re-election.
2011, but his point was clear. Politicians don’t fix the deficit because there is no incentive. Look at T! He’s going to increase the deficit, just to provide tax cuts and his yo-young on tariffs. He’s destroyed all confidence. The GOP have zero ability to govern; only shoot at targets blindfolded.
Maybe if we could get WB (and the other benefactors of the upper-class tax break), assuming it passes soon, to pledge their newly found revenue to the deficit, we could trim it back. Interesting I haven’t heard one of them come out to deny the outrageously greedy policy.
Berkshire Hathaway paid almost $27bn in 2024. Even more astonishing is they paid 5% of ALL corporate tax in America. Buffett is a rare breed of the ultra wealthy.
Billionaires aren't rushing to buy US bonds. They should be. That they aren't demonstrates that they're not interested in the nation's stability, just their own profits.
I suspect it wouldn't though. Even attempting it would probably destroy the country.
Consider: Country goes into recession. GDP shrinks. Demand for support payments rises as people lose jobs. Congresscritters panic over maybe losing their jobs and slash benefits.
this is a great idea, i have yet to see any of these fucking people do anything of value or substance. Making my life harder every damn day cause they’re money hungry - democrats im looking at you cause we expect it from republicans but yall are JUST as morally bankrupt
Not to mention limiting contributions of more than X amount from billionaires and PACs. Return the priority of US government to needs of the voters not the special interest groups.
How about eliminating ANY contributions from outside lobbies and enacting campaign finance laws! I’d rather see limits on campaigns and maybe every candidate only gets Xx amount and that is it! Then our representatives could focus on GOVERNING instead of fundraising!!
Do you know how he makes his billions? Selling mobile homes to poor people while owning the land those homes are on so essentially trapping them in a cycle of always owing him money. John Oliver did a segment on what a scumbag he is
Has he given enough that he feels it? That he's had to go without something he needs for an extra day or three?
"Millions is" chump change for billionaires.
And then we can get into the whole other issue about foundations, which is essentially hoarding trillions to collect interest of which only a small percentage goes to charities.
This charitable work is needed because governments don’t receive enough tax dollars from corps & the wealthy.
No such thing as a good billionaire. The only way you make $1 billion is through other people investing in your companies and hollowing out other businesses. Buffett made his fortune thanks to insider training from his Republican congressman father.
We need a 50 state referendum on every ballot. While that would be difficult to do, getting Members of Congress to vote against their own self interests would never happen.
Warren: You know it's Congress that makes the laws. So, do you really think they would support your "law". Congress and the Executive Branch already ignore the laws and the federal courts and the Supreme Court. Get your head out of your ass about the Deficit and the percentage of GNP!
Too bad. We need to overturn Citizens United, establish term and age limits, if they can’t agree on a budget no pay for Congress while the government is shut down
Such a 3% law would have eliminated social security and medicare. They tried this in Europe and it lead to an incredible depression in the countries forbidden from exceeding 3%
Guy's a financial genius.
But doing that would be like asking Al Capone to make a rule that if there was a mob murder committed in Chicago he'd have to turn himself in.
What we actually need is a massive tax increase on billionaires so that they put money back into our systems that they made off of exploiting others for massive profit.
Deficit financing can yield important returns on investments. Health, education, research, diplomacy, infrastructure, wise management of the environment and natural resources.
That's how you reduce the deficit. Warren Buffet has advocated for the 800 largest Corporations in American and the Billionaires to pay their fair share in taxes and no longer taxing every day Americans.
That would be largely pointless. You need good rules that cause the desired outcome, relying on charity just penalizes all the most morally upstanding participants.
I’m glad he wants to pay his fair share, but deficit financing is how America and many other countries pay for critical govt services during wars, recessions, and pandemics etc. Deficits have a role to play, problem is no one ever wants to tax the wealthy in good times to make surpluses and pay debt
Deficits are not all a bad thing. We’d never have won WW2 without them.
And post WW2 we paid it all back by taxing the wealthy 70-90% … we had few loopholes, and many many tax brackets.
TL are dumb. It'd be constant churn of expensive elections w/unproven, untested novices, mostly drawn from "small biz owner" class instead of exp'd pols with developed subject matter expertise. The big winners with TL are professional lobbyists & their big corps clients.
Consider this: A guy who owns car dealerships who doesn't have to sever ties & sell it can go back full-time to his biz. A teacher or a scientist can't simply return to where they left off. Term Limits advantage greedy used car sellers with HS GEDs over knowledgeable specialized professionals.
There should be term and age limits. Otherwise we get stuck with Mitch McCoys. The founders did not see serving in Congress as a profession. When that happens all they care about is reelection
The GOP controls that state. TLs change nothing about GOP's control of a GOP state & their domination of Congress.
Focusing on fair representation--removing artificial cap on # of House Reps & expanding Senate #s for larger states--that would bring the good change we want to see.
Our focus should be on eliminating the artificial cap on the number of House Representatives & expanding the number of Senators. Maybe 1 addt'l Senator for every 5 million in a state?
At basic level, what's actually needed is fairer representation numbers. As you know, current system skews for GOP
If anything, TLs should be pushed in GOP strongholds, which weakens them via constant churn & $ expenditures. You don't want TL in Dem strongholds or BG states. TLs are how GOP broke Dem Congress control by targeting blue/purple areas & then gerrymandering. Look at Lindsey Graham. He RAN ON TLs.
Requiring full divestment from one's business & investment interests (which would better assure against corruption) is a must-have for serving members of Congress. Look at how many GOP are multi-millionaires or billionaires. It's absurd!
Oh that’s all it takes to solve literally all the US’s problems?! Fucking brilliant, why has nobody ever thought of this before? Truly groundbreaking thought leadership from one of the greatest minds the world has ever seen.
We need to get past the idea of wealth. End artificial scarcity caused by capitalism. Seek long term stability, meaningful steady growth, education, healthcare and security instead of instant gratification with large sums of money and lots of crap. You water a plant’s roots, not just its flowers.
and you know what that would accomplish? Permanent austerity to pay for continuing tax cuts for the rich and subsidies for corporate industries. Every politician becomes a conservative.
Them not getting their pay isn't a big enough threat, them losing access to reelection means they lose all the bribes and insider trading, but they'd never pass a law that actually punishes themselves
While I agree they would never pass a law that hurts themselves, ideally, you pass a law that says anytime the deficit rises above 3%, they are ineligible for reelection, they lose retirement $, lifetime gov-level health ins., and then pay an extra 25% tax of their former income for 10 yrs. after.
How about all millionaires and billionaires pay their fair share of taxes. How about trillion dollar tax cuts for millionaires and billionaires be eliminated. How about tax laws be changed to be equitable for all, not just some.
It’s a thought and might work but I’m concerned that many sitting members of Congress are very wealthy and may not care about reelection. They do however like the power. We can’t afford to lose the ones with principles. Things to consider.
Marginal top tax rates of 90% inheritance tax of 25% on estates over $5 million and 50% on estates over $100M 25% tax on capital gains over 100k. Fuck Warren Buffet.
It's true, since the power of the purse is in the Congress (in normal non-Trumpian times), they control the deficit.
But it's a misdirection, a half-lie: the government doesn't have to function as a business and avoid any deficit - for them it makes a lot of sense to have some deficit.
It's going to take them holding themselves accountable and changing laws against their own self-interests. They aren't here for us. They are here for their wealth, power and greed. They would view it as weakness to surrender their position.
I can fix the deficit in 5 min too. Pass a law that anytime there is a deficit of more that 3%, take half of the assets of billionaires. If there’s not a deficit, still take half.
Well, Mr. Buffet, do it! Get your cranium from your rectum and do it! I guarantee you'd be remembered happily by history... since you know, you can't spend money in the afterlife.
This is legit as stupid as hippies saying "if we could only agree that money doesn't matter then greed wouldn't have any power" and .. well sure, you're right, if. Good luck with that.
The weakness I see with Mr. Buffett’s idea is what would Congresspeople slash to keep their seats?
Looks right now, for real, at the horrors an actual majority of MoCs are perpetrating on the people they purport to represent simply because they are afraid they MIGHT be primaried in the future.
Just because they’re rich doesn’t mean they’re right- hence the current situation. Mr Buffet owns a pacific NW power company whose sparking lines started fires. They were sued and *charged customers* for repairs & law suit. CEO was given a RAISE. She makes millions per year. Mr. Buffet? You’re 🔥d.
Would never happen bc that would automatically mean that they'd have to raise taxes on the rich to keep their jobs. That's where the deficit is. It's untaxed wealth in the hands of the top 1%.
Cut subsidies for oil and gas companies, reverse the Trump tax cuts for the wealthy and reverse the Bush tax cuts for the wealthy. Getting back to the Clinton years, the last president to record a budget surplus, would be a good start.
Great, but good luck getting Congress to do that. In any currently fathomable state it would never let a rule like this happen, and if it did, it would simply be used as an excuse for further austerity.
Yeah that's why you fucking arrest the traitors who have been in Congress for decades not doing shit by betraying the American public. They're still all there not doing their jobs, not representing anybody but themselves, and sucking Krasnov's shit-covered sack daily.
Absolutely, but until that happens (hopefully it does), this sort of thing is just more of the usual deficit hawking that got the country to where it is now with DOGE. I've seen conservatives rally behind the same quote.
National debt in and of itself has not harmed any American.
I’m not gonna trust a guy whose father was a four-term Republican congressman who gave his son inside information on what land the US government wanted to acquire, then drove funds to his sons companies. Buffett is not campaigning for fair taxation of 90%, he’s just willing to pay a little more.
Yeah, I know. He just has a knack for making snotty remarks about serious policy issues and that's not a good thing from any person with that kind of wealth.
That would be a good start, yes. Sooo many things like this that need to be legislated.
No trading by congress members.
No corporate lobbying.
No pay until you pass a 3 year budget.
Age limits.
Congress gets same healthcare plan at same cost as the average privately employed person.
Comments
So--not Buffett's brightest utterance.
Also, deficits aren’t a real problem. The government isn’t a small business
I suspect it wouldn't though. Even attempting it would probably destroy the country.
Consider: Country goes into recession. GDP shrinks. Demand for support payments rises as people lose jobs. Congresscritters panic over maybe losing their jobs and slash benefits.
"Millions is" chump change for billionaires.
And then we can get into the whole other issue about foundations, which is essentially hoarding trillions to collect interest of which only a small percentage goes to charities.
This charitable work is needed because governments don’t receive enough tax dollars from corps & the wealthy.
GOP-are you listening??? To anyone but the mad king and his pet billionaires?
Just saying, trusting the uber rich hasn’t worked out too well.
CEOs are accountable
MAKE IT HAPPEN
We have a U.S. Constitution 14th Amendment Section 3 that clearly disqualifies Trump from holding his current office or any future office ever again.
Yet there he lies.
No excuses!
Or is Buffet thinking that people would sign up for that deal without a side hustle?
Aside from a salary and pension
GET MONEY OUT OF POLITICS
Or keep listening to Billionaires - they pay better.
But doing that would be like asking Al Capone to make a rule that if there was a mob murder committed in Chicago he'd have to turn himself in.
What we actually need is a massive tax increase on billionaires so that they put money back into our systems that they made off of exploiting others for massive profit.
SAF-T [Simple and Fair Tax Plan]
1) Eliminate all current taxes
2) Tax the net worth of ALL entities at the same rate
no deductions, no adjustments, no exceptions
rate = 105% of last years' total budget ÷ total net worth of Nation
Lower taxes for most = surplus
https://www.investopedia.com/buffett-on-billionaires-underpaying-taxes-11687391
He gives the government the percentage they ask for without resorting to loopholes.
And post WW2 we paid it all back by taxing the wealthy 70-90% … we had few loopholes, and many many tax brackets.
Focusing on fair representation--removing artificial cap on # of House Reps & expanding Senate #s for larger states--that would bring the good change we want to see.
The bigger issue, regardless, is political spending limits.
At basic level, what's actually needed is fairer representation numbers. As you know, current system skews for GOP
These people are above the law
How can I subscribe to his newsletter?
🤣👎🏽
Make it when there's a government shutdown, elected Congressional representatives don't get paid for the following 6 weeks.
But it's a misdirection, a half-lie: the government doesn't have to function as a business and avoid any deficit - for them it makes a lot of sense to have some deficit.
Gee Warren, who passes those laws?
This is legit as stupid as hippies saying "if we could only agree that money doesn't matter then greed wouldn't have any power" and .. well sure, you're right, if. Good luck with that.
I would love to see that happen
That’s not going to happen. Ever.
Looks right now, for real, at the horrors an actual majority of MoCs are perpetrating on the people they purport to represent simply because they are afraid they MIGHT be primaried in the future.
When he says something people listen.
He made tons of money using his 🧠 and now he's flexing that same brain.
Needless to say GOP traitors won't like his ideas.
But wow! His solution is thought provoking 👍
https://finance.yahoo.com/news/warren-buffett-wants-higher-taxes-182425932.html
National debt in and of itself has not harmed any American.
#econsky
They need to rotate anyway.
No trading by congress members.
No corporate lobbying.
No pay until you pass a 3 year budget.
Age limits.
Congress gets same healthcare plan at same cost as the average privately employed person.