Warren Buffett

Warren Buffett Answers Federal Deficit Pay Down Challenge, Writes A Check For $49,000

Last week Kim LaCapria at Inquisitr wrote about a challenge Warren Buffett made to opponents of higher taxes for the rich. He told those Republican lawmakers that he would match any donation they voluntarily made to help pay down the national debt. Today Buffett has followed through on his promise by writing a check for $49,000.

The move by Buffett is actually a retroactive gesture made because Virginia Rep. Scott Rigell made such a contribution last year.

In a letter sent by Berkshire Hathaway to Rep. Rigell the billionaire says he is impressed that Rigell “took this action before my challenge.”

In the meantime Buffett is waiting for the biggest opposition of taxes on the rich to voice their opinion, that would be Senate Minority Leader Mitch McConnell. Buffett has said he will match Mitch’s payment 3 to 1.

The challenge started when Warren Buffett said the super rich should be taxed more to which McConnell invited him to “send in a check” to the Treasury if he felt he was being taxed at too low a tax bracket.

In a letter to Buffett Rigell said he “gladly accepts” Buffett’s “generous offer.” He also revealed that he makes it a general practice to donate 15 percent of his Congressional salary to help pay down the debt. In 2011 that was $23,103.33 and in 2012 it will be nearly $26,100.

Rigell also wrote to Warren Buffett:

“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.”

In the meantime Buffett hopes that Rigell’s action will help start a type of sparing match between Democrats and Republicans which will in turn leave American voters cheering for whatever side becomes more generous with their big congressional paychecks.

Warren Buffett is waiting until April 20 to write his check in the hopes that more people will donate and he will be left with a larger bill to pay.

On a side note Rigell offered to provide proof of his contribution but the ‘Oracle for Omaha’ offered a simple reply “Your word is good with me.”

Who are you siding with in this tax the super rich debate, Mitch McConnell or Warren Buffett?