“I’ve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions.”
Late last summer, Warren Buffett broke ranks with most of the other dedicated men and women of Occupy the Top 1% and called for more taxes for top earners. Senator Mitch McConnell, a millionaire in his own right and champion of the uptrodden, said that if Buffett was feeling guilty about his tax bill, he should send in a check. Senator John Thune rushed to the rescue with the cynical Buffett Rule Act, placing an option on tax forms allowing people to donate more in taxes to help pay down the national debt. In an interesting new TIME interview with Rana Foroohar, Buffett says:
“It restores my faith in human nature to think that there are people who have been around Washington all this time and are not yet so cynical as to think that [the deficit] can’t be solved by voluntary contributions,” he says with a chuckle. So Buffett has pledged to match 1 for 1 all such voluntary contributions made by Republican members of Congress. “And I’ll even go 3 for 1 for McConnell,” he says. That could be quite a bill if McConnell takes the challenge; after all, the Senator is worth at least $10 million. As Buffett put it to me, “I’m not worried.”
I wouldn’t be worried for my money if I were Buffett either.
The photo is by Aaron Friedman.