So Who Needs Warren Buffett, Anyway?

What is it about some people, whose overbearing and condescending personalities impel them to tell their perceived underlings to just “get over it” every now and then?

            What an obnoxious mantra.

            If you’re like us, when you hear that one, you just want to sock the issuing gasbag in the mouth, and or tell the pompous jerk to just shut up.  So it was, this week, when we heard that the egomaniacal Warren Buffett chastised we and thee “angry taxpayers,” in noting that “I hope we get over it pretty soon, because it’s not productive.”

            Really.

            “The truth is we’re running a federal deficit that’s 9 percent of gross domestic product.  That’s stimulative as all get out.  It’s more stimulative than any policy we’ve followed since World War II.”

            Thanks Warren – tell that balderdash to the 10 percent or so among us who are, and continue to be unemployed.  Tell that to the 50 percent or so of Washoe County residents who are under water in their home equity calculation.  Tell that to the multiple building owners, right here in Incline Village, who find empty space abounding in their premises.

            According to an article posted by Bloomberg News last week, Buffett said that he uses a “common sense” standard to evaluate the economy.

            Sounds more to us like uncommon nonsense.   Who does this arrogant talking head think he is?

            And as you follow the debate raging in Congress about what to do with the “Bush tax cuts,” which are about to expire, consider some stats recently published by the Tax Foundation about just who is and isn’t “rich” in this country, these days.  Listen to Obama, and you’d think it’s just a few lucky folk among us, who can certainly afford to pay just a little bit more so that the common weal can resume the run to prosperity.

            But consider some of these findings which describe taxpayers, according to the Foundation, in terms of those below Obama’s threshold, compared with those above;

  1. Married?  41.2% below; 77.4% above
  2. At least one child?  27.6% below; 43.2% above
  3. Live in owner-occupied home?  63.7% below;  86.6% above
  4. Number of earners (workers) in the family earning nothing?  36.6% below;  11.9% above
  5. Average hours worked per week in one earner families?  38.8 below;  46.1 above
  6. Average hours worked per week in two earner families?  78.6 below; 85.1 above

Conclusion?  Looks to us like the the most responsible and hardest working among

us get smoked by Obama’s policies (once again) if the tax cuts are allowed to expire.  Great policy in a recession, don’t ya’ think?

CONSULT YOUR TAX ADVISOR – This article contains general information about various tax matters.  You should consult your CPA regarding the implications to your own particular situation.

            Jeff Quinn, the author of this article, is a shareholder in Ashley Quinn, CPAs and Consultants, Ltd., with offices in Incline Village and Reno.  He is also a contributor to the recently published 13th edition of Tax Savvy for Small Business, published by Nolo.  He can be reached at 831-7288, and welcomes comments below.

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