Warren Buffett has persuaded 68 other billionaires to follow his example and promise to give at least half their wealth to charities. But why hasn’t Buffett proposed also that the very rich make large gifts to the federal government to offset what he considers ridiculously low taxes on their incomes and wealth? My guess is that he and the others who pledged to give away their wealth to charity would have little confidence in how the government would spend such gifts. Buffett, for example, is giving most of his wealth to the Gates Foundation, not to the federal government, and is relying on how this foundation will spend his vast gift. Given this reluctance to make large gifts to the federal government, why should anyone have confidence that the federal government will spend additional tax revenue in a sensible way?
~ Gary Becker (see also The Grouch's Billionaire Challenge and How to Solve The Deficit Problem in 5 Minutes)
Tuesday, September 6, 2011
Quote of the Day: Gary Becker
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Yet I thought Buffett was just saying that the wealthy should pay more taxes? Then maybe he should be donating even more cash to the government. (He needs to keep giving to the Gates foundation too, but just give even more of his money away.)
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