Ever since Warren Buffet announced that he thought the government should impose higher taxes on the rich, many people are questioning whether or not HE should just write a check to the government and consider it a donation. The original article is here.
This then led to the debate on whether ordinary citizens should donate to the government. I myself believe that I would not donate to the government. I feel that I donate enough and I do not receive a quality return for my taxes. The article also stated that the U.S. receives about $3 million in donations.
Would you donate to the U.S. to help out?
Join the free Master Your Money course!
Join the free email course and finally learn how to manage your money better, pay off debt, save more money, and reach financial freedom.
this is a wonderful question, and i read and loved the warren buffet article. i feel, like buffet does, that the rich should be taxed at a higher rate. considering that 95% of all the country's wealth is controlled by less than 10% of the population, it seems like the fastest way to get us out of debt and have the government recover is to focus on that 95% of the wealth. for those who control less than 5% of the country's wealth but pay much of its taxes, i don't necessarily think we need to "donate." i probably have a lot more to say about reagan tax-cuts and corporate tax issues, but i'll keep mum for now!a terrific thought-provoking question!
I agree with Buffet about taxing the wealthy at a higher rate. None of the reasons that people give for NOT doing this make sense. Really? People are going to stop being productive if they're taxed at a higher rate? They'll stop being entrepreneurs? Give me a break.But one thing that irks me about people is just how little they realize we benefit from taxes. Taxes pave our roads, provide us with "free" schooling, subsidize our agricultural industry, fund retirements, provide unemployment in case of job loss (first from the state and then from the federal government), fund our military and keep us safe (if you believe the argument that a country must pay to build up a military in order to deter countries from attacking it). I would never make the argument that the US handles tax dollars perfectly, but I do believe I benefit enough from tax dollars to feel good about giving my money to the government. Just my two cents! 🙂 Would I give a donation? If they told me exactly where the money would be going and it was an expense I supported, you bet your bottom I would!
Added you to my blogroll today, by the way! :)I wanted to add – if the government couldn't tell me what they'd be using my donation for, I wouldn't do it. "Oh, we'll make sure the money is used wisely." Yeah, right! As much as I appreciate the benefits my tax dollars provide me, the government has spent wastefully just as often if not more often.
I loved this article too, I thought it was very thought provoking and would make a great debate. And I think I should re-word what I said about "I feel that I donate enough and I do not receive a quality return for my taxes." I feel that I the government should fix it's spending problems, and then I believe my taxes would be put to better use. There are a lot of things that probably shouldn't be in the government budget or should be trimmed down.My negativity is mainly due to my local government, where taxes are extremely high. Property taxes, sales tax, local income tax and so on are very high compared to other areas in the nation. And we also do not get a quality return on our locality. There is too much corruption where I live and I feel that everyone should be kicked off (the mayors, senators, representatives, administrators and so on have nearly ALL been recently accused of corruption).And I agree with your comment, "If they told me exactly where the money would be going and it was an expense I supported, you bet your bottom I would!"
most definitely i would donate if i A) had a job and B) was rich! xx
I thought I read somewhere that when he dies Warren Buffet has arranged for the vast majority of his wealth to go to our government. I forget where I saw this but he has no intention of passing it on to his heirs. So, in a way, he's already made a plan to act on his own words.Will he follow through and did he really mean it? Only time will tell.
The government needs to improve their budget before they increase taxes or need donations.
Very thought provoking and on the surface it seems only logical. However we fall into the trap of taking media at face value. Consider this…Mr. Buffett makes his money from selling assets. The capital gains tax rate is 15%. So think about this…he is paying capital gains on his "income" and not actual income tax. This is why his rate is so low. Do not confuse the issue at hand and NEVER take media at face value. A little prudence on our government's part would solve the issue itself. But politics and special interests gets in the way.