Dan Sweet

This is the eighth in a series of twelve posts. The introduction to the series is here. By way of review, these are my notes of Warren Buffett’s responses to questions from Notre Dame and Stanford MBAs on October 9. 2007.

Do taxes in the US favor the rich?

Look at line 63—tax due.  Compare that to taxable income.  Berkshire Hathaway office average is 33%.  I follow the rules and pay 17% on my 46 million.  Payroll tax quits at 90k.  I bet that the average member of the Forbes 400 pays less than their receptionists.

50:1 odds against being born in the U.S.  This market system we have has made me “ungodly rich.”  U.S. Congress plans my taxes and treats me better than laborers.  Deck is stacked against the have-nots.  There are no longer any good opportunities for people with an IQ of 80.

The rich will always have lobbyists.

We have the opportunity to influence things in a democracy.

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This is the seventh in a series of twelve posts. The introduction to the series is here. By way of review, these are my notes of Warren Buffett’s responses to questions from Notre Dame and Stanford MBAs on October 9. 2007.

What are your personal goals for the next 5-10 years?

I’m already doing it.  If I have a better plan I should just do it now.

I like teaching and meeting with students.  Berkshire is great.  It’s like a test tube.  It’s a fun platform.

I have the ultimate luxury—I get to work with people I love.

Tip for you:  If you want a marriage that will last, look for someone with low expectations.  I get that on an extended basis.

There are elephants out there that I haven’t shot yet.  I have a gun and it’s fun to go hunting.

Subscribe to the RSS feed to make sure you don’t miss any of Warren Buffett’s insights from this 12 post series.