Biggest Bogon Emitter - Warren Buffett

[AnCap Dave]

For the past few months he has been talking about how he believes that he and his super rich friends have been getting it too easy and so he insists that taxes of the rich should be increased.

I was checking my email and stumbled upon this response from DownsizeDCFoundation.org

He wants us to believe that wealthy Americans have been doing less to fund the Leviathan State. He wrote in The New York Times...

"Since 1992, the I.R.S. has compiled data from the returns of the 400 Americans reporting the largest income. In 1992, the top 400 had aggregate taxable income of $16.9 billion and paid federal taxes of 29.2% on that sum. In 2008, the aggregate income of the highest 400 had soared to $90.9 billion... but the rate paid had fallen to 21.5%"

We say that Mr. Buffett is using percentages in order to deceive. Here's how those percentages work out in terms of dollars...

* In 1992 the top 400 wealth generators paid $4.9 billion in taxes.
* In 2008 the top 400 wealth generators paid $19.5 billion in taxes.

[FletchforFreedom]

I second the nomination.  This is by no means the first time that Buffet has demonstrated significant deliberate bogosity.  One may recall his "principled" stand against stock options as a means of compensation, neglecting in his editorials on the  matter to place any emphasis on the fact that his "principles" and self-interest co-incided.  As the country's most famous stockholder, his stance against stock value dillusion is hardly surprising (think T. Boone Pickens' "principled" stand in favor of gas and wind energy).

It should also be noted that a huge percentage of Buffet's earnings are sheltered in foundations protecting him from income and estate taxes (which he also wants raised).