Warren Buffett Challenge

[arthureld]

Warren Buffett has a challenge for Senate Minority Leader Mitch McConnell.

Last fall, after Buffett wrote his controversial op-ed calling for higher tax rates on the very rich ("Stop Coddling the Super-Rich"), McConnell suggested that if Buffett is "feeling guilty" about his tax rate he should "send in a check" to the Treasury.

That line had become very popular among Buffett's conservative critics.

In a Time Magazine interview posted on its web site, he has some fun with McConnell's suggestion.

"I thought of offering to match the total amount — if we go to a contribution system — I'll match the total contribution made by all Republican members of Congress, and I'll even go three for one with McConnell. (Laughs.) It's kind of touching this faith he has in the American public, that with a one-point two or three trillion dollar deficit that he thinks Americans are so wonderfully spirited that they would just solve it all by contributions. That is a tax policy only a Republican could come up with. So Mitch — and he's got this line, he's got this proposal out there — I would definitely, it's a firm offer, all the Republican members of Congress and like I say, I'm willing to triple his. I'll match the rest of them."

(You can hear Buffett's comments, along with some others on different topics, courtesy audio files Time has included in its online story.)

Time notes, "That could be quite a bill if McConnell takes the challenge; after all, the Senator is worth at least $10 million."

Buffett says, "I'm not worried."

[wreckerman]

why should he worry politician only know how to take money away, not donate or match funds!

[Nitram_b4]

not true they know how to bullshit too.
They might say they will take him up on his offer and make all the motions but the follow through will not be there.

[arthureld]

Warren Buffett will be writing a check made out to the United States Treasury for just over $49,000 to help pay down the national debt.

He's matching voluntary contributions made this year and last year by Rep. Scott Rigell, a Republican representing Virginia.

In a letter to Rep. Rigell released today by Berkshire Hathaway, Buffett writes he's "particularly impressed that you took this action before my challenge."

In his challenge, issued in a Time Magazine interview last week, Buffett promises to match voluntary contributions aimed at reducing the deficit by "all Republican members of Congress, and I'll even go three for one with (Senate Minority Leader Mitch) McConnell."

McConnell, and other critics of Buffett's call for higher tax rates on the super-rich, have been suggesting that if Buffett thinks he's not taxed enough then he should "send in a check" to the Treasury.

In his letter to Buffett, also released by Berkshire, Rep. Rigell writes, that he "appreciates" and "gladly accepts" Buffett's "generous offer."

Rigell says he makes it a practice to donate 15 percent of his Congressional salary "to pay down the debt." That amounted to $23,103.33 in 2011 and about $26,100 in 2012.

Rigell adds, "Though we differ on tax policy, as fellow Americans and businessmen I know that we share this common bond: a deep concern over the state and trajectory of our country's finances."

Buffett writes back that he hopes Rigell's action "spurs an intramural rivalry between Republicans and Democrats .. a form of competition between the two parties that the American people would applaud" as a "small step" toward "better cooperation between the two parties."

Buffett will wait until April 20 to write his check to see if anyone else accepts his challenge.

Buffett also invites Rigell to come for a visit if he's "ever traveling near Omaha."

As for Rigell's offer to provide "documentation" of his contributions, Buffett tells him, "Your word is good with me."