The Way We Live PT 3: Keep the long-term view on your short list

[“The rich are hurting their own long-term interests by their opposition to paying more taxes.” George Soros, Aug. 16, London Free Press]

Warren Buffett, one of the world’s three richest men, made the news the other day by saying he is willing to pay more taxes.

Whatever might Buffet’s motives be for making a statement that flies in the face of the default position of much conservative thought and desire, i.e., “lower taxes, shrink government and its influence”?

Perhaps he feels patriotic, that America is facing a dark hour (or decade or two), that all must pick up their arms, bank book tightly clenched in one fist, and rescue the country.

Perhaps with pride he recalls John F. Kennedy’s words, i.e., “Ask not what the country can do for you but what you can do for your country,” and applied it to himself and the wealthiest in his country.


["Is there a link between growing US debt and shrinking taxes?"]

Perhaps in all humility he has a heart for the poor and struggling middle class. (I base this on a reported statement of Buffett’s: “While the poor and middle class fight for us in Afghanistan, and whilst most Americans struggle to make ends meet, we mega-rich continue to get our extra-ordinary tax breaks.” London Free Press)

Perhaps because he is 80-years old, wealthy enough to live in great luxury until the end of his life, i.e., in the next decade or two, he realizes better than most when enough is enough.

Perhaps he is taking a long-term look at his investments and realizes that if his country sinks below the water, so too will much of what he has accumulated thus far in his life.

Perhaps he sees that the system of taxation is just another way to invest in the land he loves and benefits he enjoys, i.e., in its infrastructure and defense and educational and health care systems and so on.

Whatever Buffett’s motives might be (all of the above and more), I’m sure he has kept both his personal and country’s long-term interests in mind, because he didn’t get to be one of the world’s richest men by not seeing the connection between the two.

I often say “live small, reduce spending, pay down debt and save money for the tough times ahead.”

Perhaps I should add “and if the tax rate for rich land owners and wealthy corporations is too low, then raise it by a few points.”

If I also get caught in the expanding net, so be it.

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I don’t know the man myself, but Mr. Buffett seems like the kind of guy who would like leftovers and one of my gourmet dogs once in awhile.

Please click here to read The Way We Live PT 2.
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