Richardcyoung.com

The Online Home of Author and Investor, Dick Young

  • Home
  • How We Are Different
  • Debbie Young
  • About Us
    • Foundation Principles
    • Contributors
  • Investing
    • You’ve Read The Last Issue of Intelligence Report, Now What?
  • Your Survival Guy
  • The Great Reset
  • COVID-19
  • My Rifles
  • Dividends and Compounding
  • Your Security
  • The Swiss Way
  • Dick Young
  • Key West
  • Paris
  • Dick’s R&B Top 100
  • Liberty & Freedom Map
  • Bank Credit & Money
  • Your Survival Guy’s Super States
  • NNT & Cholesterol
  • Work to Make Money/Invest to Save Money
  • Your Health
  • Ron Paul
  • US Treasury Yield Curve: My Favorite Investor Tool

Has Warren Buffett Lost His Mind?

July 6, 2015 By E.J. Smith - Your Survival Guy

Originally posted May 21, 2015.

Leave it to good ole’ Warren Buffett to create a stir. In a recent op-ed in The Wall Street Journal, he calls for an expansion of the Earned Income Tax Credit (EITC) to help low-income workers. How about a reduction in the size of government instead Mr. Buffett? Let workers keep more of what they make and this economy would be much better off. If government is such a great wealth transmission system, why not donate your money to the Treasury rather than the Bill and Melinda Gates Foundation?

Elite businessmen like Buffett do nothing to help this economy when they forget about the successful workers who helped them get there. As it is, the successful already pay far too much of their hard-earned income into worthless government programs like the EITC. A “better” EITC simply creates an increased incentive to game the system. I like what this reader has to say in the comment section:

Mr Buffett is either coy or fails to consider how the worker who is around the top of the bracket of the EITC will behave. I did taxes for a single parent with two kids, I told her if she cut her hours down from 40 to 32 a week that she would gain about 30% of the earnings back with a much higher EITC and lower state taxes. She choose to cut her hours. Businesses will cut back raises, and some employees will cut back hours just to get the freebies, which now includes Obamacare subsidies. It is a perverse incentive to work, but only work just enough to maximize the freebies.

Related Posts

  • Warren Buffett's Gravy Train
  • Is Warren Buffett Benedict Arnold?
  • Good ‘Ole Warren Buffett
  • Author
  • Recent Posts
E.J. Smith - Your Survival Guy
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998.

E.J. has trained at Sig Sauer Academy in Epping, NH, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention.

E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris.

Please get in touch with E.J. at ejsmith@yoursurvivalguy.com

Click here to sign up for my free monthly Survive & Thrive letter.
Latest posts by E.J. Smith - Your Survival Guy (see all)
  • If You’re a Highly Effective Person, We Should Talk - March 24, 2023
  • Is Vanguard Voting Against Your Political Beliefs? - March 23, 2023
  • “I Need Preservation of Principal and Growth” - March 22, 2023

Dick Young’s Must Reads

  • “I Need Preservation of Principal and Growth”
  • “An Epic Struggle Over the Definition of America”
  • Your Sheriff Can Thwart Federal Gun Control Efforts
  • If You’re a Highly Effective Person, We Should Talk
  • Your Survival Guy at Fidelity and Your RMD Compliance
  • Work to Make Money/Invest to Save Money
  • Thanks to America’s Worst President
  • Is It All Coming Apart in the Government’s Face?
  • Hillsdale College: What College Is Meant to Be
  • The Swiss Way

Disclosure

RSS Youngresearch.com

  • If You’re a Highly Effective Person, We Should Talk
  • Trouble Now Brewing at Deutsche Bank
  • Is Vanguard Voting Against Your Political Beliefs?
  • Are 0DTE Options a Threat to Markets?
  • “I Need Preservation of Principal and Growth”
  • Are You Fairly Wealthy? I’m Listening
  • Treasury Studying How to Increase Deposit Insurance
  • Your Survival Guy’s BEST Insider’s Guide to Key West
  • For Whom Is Your Portfolio Serving?
  • Who’s to Blame for Banking Vulnerability?

RSS Yoursurvivalguy.com

  • If You’re a Highly Effective Person, We Should Talk
  • What’s Happening to Charles Schwab?
  • Prepare for the Predictable
  • Is Vanguard Voting Against Your Political Beliefs?
  • Call It the Difference between Normal and Crazy
  • “I Need Preservation of Principal and Growth”
  • DEMOCRATIC SENATOR: Biden’s ESG Veto “Absolutely Infuriating”
  • Are You Fairly Wealthy? I’m Listening
  • How Long Is Your Water Supply Chain?
  • Your Survival Guy’s BEST Insider’s Guide to Key West

Biden’s Fake Democracy Summit: Hungary and Turkey Snubbed

Freefalling at Stanford

If You’re a Highly Effective Person, We Should Talk

DONBAS: Russian Tanks Face Gauntlet of Death from Javelin Wielding Ukrainians

Do You Know How to Slow Your Brain’s Aging?

We’ll Burn the Place Down!

Copyright © 2023 | Terms & Conditions | About Us | Dick Young | Archives