Warren Buffett is continuing to prod the GOP into taking greater financial responsibility by promising a dollar-for-dollar match of any funds contributed by Republicans in Congress toward the national debt.
In a recent interview with Time, Buffett expressed that for every $1 donation offered by a Republican representative of Congress, he would match that donation with $1.
Buffett Solicits Donations from Congress Republicans
In 2011, Warren Buffett publicized his belief that Congress should raise taxes on the wealthy–Americans making at least $1 million annually–in order to solve many of the major economic issues the country is facing, like the national debt. He stated that the nation’s top earners are not being taxed at a high enough rate.
In response to Buffett’s statement on taxing the wealthy, Mitch McConnell, Senate Republican leader, countered with a recommendation that Buffett, along with his wealthy supporters, simply donate funds to relieve the country’s national debt.
It turns out that Buffett is accepting the challenge and even upped the ante by provoking Congressional Republicans into a money-matching war. In addition to the $1-$1 donation offer for Republicans of Congress, Buffett turned the spotlight onto McConnell with a declaration he will match $3 for every $1 McConnell donates toward lowering the national debt.
The Math Behind Warren Buffett’s Plan
Despite Buffett’s admirable intentions, soliciting donations from the GOP may not suffice in abolishing the national debt.
According to the National Debt Clock, the country’s debt is at about $15 trillion, a figure that is steadily increasing by the minute. Even if the 535 members of Congress (Democrats and Republicans alike) and President Obama donated $100,000 each year, over the course of four years, the collected donations would only amount to just over $214 million.
When Buffett’s match is added to the donation pool, the dent made in the national debt total is far from impressive, as the U.S. debt would still linger close to its original $15 trillion mark.
The essence of the Warren Buffett donation challenge is at best a way to spur the Republican party into action. Clearly, there is still a need for a long-term solution which is still undefined and hotly contested to date.
If you are looking for big mouths and liars please look no further than the President!!
Congress doesn’t care about the national debt. They are like dot-com CEOs. They’re going to suck the country dry as it goes down in flames, and then we’ll all have to fend for ourselves.
so… if the country is going down in flames better stock up on beans and bullets…. going to need them! Which then puts all the libtards under the bus since they don’t believe in guns and defending yourself!
Warren would have a touch of credibility only when he offers, and follows through on his promise, to pay the same percentage of taxes as his secretary pays.
We know that will never happen because he seems to only be posturing for attention.
His paltry $l.9 million paid in taxes last year on, according to some reports,$61.9 million would have generated over $18,000,000 if he paid the same tax rate as his secretary was forced to pay.
Well, suprise, surprise, folks. If you haven’t figured it out yet, we’re all going to live ’til we die. Now spend your time left haranguing, whining and bitching all you want, or kick yourselves awake and dwell on more plesant things, like loving your kids and families, etc. If you can’t change the shithole political scene, focus on something more agreeable. Duh!
Why do so many people feel the need to denigrate, insult and criticize Warren Buffet for his offer to help his country? I admire Mr. Buffet for his personal generosity and his challenge to other hugely fortunate Americans.
Ridicule gets us nowhere.
Obviously not written by a math major. 535 members of congress + Obama x $100,000 per year x 4 years = $214.4 MILLION, not $214 BILLION. Only off by a factor of 1,000!
Larry, Mr Buffet paid around $7 million last year in taxes, on $40 plus million of income. His taxes were based on a 35% rate on approx 10 percent of that from normal income, and a 15% rate on the other 90 percent, from capital gains income, for a combined tax rate of around 17%. The $1.9 million you mentioned he paid is completely wrong, but would have been close to the amount he owed if the Republicans got their way and eliminated taxes on all capital gains income, as nearly all of the republicans presidential candidates are proposing, following Rep Ryan’s (R) lead, during last year’s debt ceiling debates. If all taxes were eliminated from capital gains income, Mr buffet would only have paid taxes on 10% of his income, and all of his $30 plus million income from capital gains would have been completely tax free.
it is pretty plain to see that Obama is just a Buffet puppet and Buffet is feeling guilty for his puppet running the debt up so much but he is trying to blame the republicans. Buffet should not worry about raisung taxes he should worry about creating jobs so i put this to Mr. Buffet creat one million jobs by july first or we will boycot everything that Mr. Bufet owns.
@ tom as a liberal i can tell you i use a liberal amount of firepower to protect my beans so you’re talking out your foot
let’s see if i can put a bigger dent in it than you have not proposed. what if every billionaire paid half his total worth every year at the beginning of every phiscal year, until the debt is balanced, every person making making over 10m, to pay half of his the same, on their total worth, not net worth, and that includes capital gains and foriegn accts, off shore accts and overseas investments.for all the above. now if someone makes under 20m, 25% of their net worth, since a dollar is not worth a dollar anymore u have to give them a little leeway. if you just have won the lottery for xm you are free for ten years after which u would pay what ever catagory you fall in. so, if you just made it to 1m-5m you have ten yrs free also, everyone else gets it right off the back.
How about all of Congress, the House of Reps, & the President taking a pay cut until they correct the deficit. That’s get them motivated to act! End the tax code & institute a National tax. That will end the fight of who’s not paying enough and save us billions by ending the IRS drain on the economy!
Why are Facecrap user comments put on top and the rest of us are put at the back of the bus?
It seems money is all that Americans talk about. It seems they will do anything to put the other Guy down and win points. This is the cowboy mindset and rude behaviour taking root in almost all Americans particularly the post 1970 generation. What can they learn but rudeness, arrogance and jealosy due their upbringing. Politeness and humility are unknown to them. Warren Buffet is a great guy donating billions for very good causes like Bill Gates
God please help me keep away these from these loud mouths.
@Al Kahn
I’m so sorry that you are so badly informed.
Bill Gates says he wants to cut world population cut through vaccine-programmes. He also pays for (chemtrail)geo-engeneering.
And you think he is donating for the good cause. How about he is a disgrace to mankind.
This kind of misinformation is proof of humans degraded consciencioussness.
If want the truth, you can find it on the internet.
Do your research!!
Stop taking anti-depressiva, beware of fluor. Stop eating processed foods. Read on the vaccine-hoax, H.A.A.R.P., GMO’s, Monsanto, Bilderberg, Bohemian Grove, N.W.O. .
(check out this video on youtube: Bill Gates wants a Billion dead! Vaccines and Health Care will do the job!)
All Buffet is trying to do is justifying bloated government. Cut spending to match revenues (or more to wipe out the national debt). Simple math Buffet is incapable of.
$1 dollar……I think we should target a tax for those with a worth of over 30 billion and tax them 85% see how he likes that. I’d like to see this guys tax returns.