Buffett: Let’s cheer people up by sticking it to the wealthy

posted at 3:31 pm on November 28, 2012 by Ed Morrissey

Via Real Clear Politics, Warren Buffett breaks Obamanomics down to its most critical component — populism.  Buffett yesterday dismissed concerns that tax hikes will curb investor enthusiasm, but in the end, that issue seems to be less important than making the middle class happier by sticking it to the rich:

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MATT LAUER, TODAY: So bottom line, would raising taxes on the wealthiest Americans have a chilling effect on hiring in this country?

WARREN BUFFETT: No, and I think would have a great effect in terms of the morale of the middle class, who have seen themselves paying high payroll taxes, income taxes. And then they watch guys like me end up paying a rate that’s below that, you know, paid by the people in my office.

On one level, Buffett’s right.  If he called me tonight and said, “Ed, I’m telling you that this investment is golden and you need to put some serious money in it,” I wouldn’t be asking about the capital-gains rate down the road.  (By the way, Warren, drop me a line sometime and, er, let’s do lunch.)  When you have a sure thing, there isn’t any risk.  But that’s the problem in his argument, too.  Most capital investors don’t put money on risk-free investments, in large part because they rarely if ever appear.  When they want low-risk options, they turn to bond markets and established firms, not ventures that create innovation and job expansion.  The kind of job-creating innovation comes from investment in activities that fail and lose money more than they succeed and make money.  Because venture capitalists put their money at risk rather than derive it from salary, investors want better return on profit — and the US has always calculated tax rates differently on the two in order to encourage investment.  That’s nothing new.

Buffett also mentions “payroll taxes” as part of the mix, which is correct as far as it goes.  Anyone who works for themselves, in whole or in part, know how costly those taxes can be.  But what are “payroll taxes”?  They are the funds deducted for Social Security, Medicare, unemployment insurance, and disability, not the general fund (in principle, anyway), and they relate specifically to benefits that cap out past a certain income level.  They pay for benefits due to the worker.  If payroll taxes are too high, perhaps we need to recalculate benefits — which we need to do anyway, and which would resolve most of the issues Buffett claims to address with his new take on the Alternative Minimum Tax.

The kind of issues that Buffett wants to fix would be better addressed in systemic tax reform that takes a look at the relationships between investors, managers, workers, and the distortions created by the American tax codes.  There may be plenty to fix in that kind of effort, including the tax rates at all levels, as well as the spending this system is supposed to fund.  Instead, though, we’re getting arguments that we need to boost morale by engaging in petty populism through the kind of short-term, short-sighted thinking that created the system that so badly needs reform.


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As I said in the Green Room.

Take all of Warren’s money and drop him in the streets of Gaza. It would be a real morale booster.

LoganSix on November 28, 2012 at 3:35 PM

Ooh ooh ooh, how about a tax on people worth $50 billion that like to talk about raising taxes must pay a 90% tax on the net worth?

nazarioj001 on November 28, 2012 at 3:35 PM

Senility is bliss.

Pork-Chop on November 28, 2012 at 3:36 PM

Of course he is talking about the other rich and not himself. Isn’t he still fighting the IRS over a billion or so in taxes. Hypocrite.

chemman on November 28, 2012 at 3:36 PM

The problem are the cronies ( Buffets , Corzines etc ) , not the rich.

the_nile on November 28, 2012 at 3:37 PM

Evil. If this clown was really concerned he’d be talking about the massive spending problem we have. We are already over the cliff. Raising taxes does absolutely nothing except fund the government for a day or so … if that.

I hope he dies penniless.

darwin on November 28, 2012 at 3:38 PM

I would be happy as a clam if buffett would GIVE all his money and others like him that want to stick it to the rich so WE all could be happy! But that isn’t gonna happen, they are too stinken selfish, tax some other wealthy but them?
L

letget on November 28, 2012 at 3:38 PM

Sounds good. Let’s let Buffett keep a $1 million and take the rest of his money. He doesn’t really need it and it’s just not fair that he has it.

forest on November 28, 2012 at 3:39 PM

Republicans need to understand that this won’t be the last tax increase on the “wealthy”. Democrats always want more.

Wigglesworth on November 28, 2012 at 3:40 PM

Hyper billionaire with hyper billions already safely tucked away willing to have his income taxes raised, news at 9 and 11.

How about this Warren, we retroactively tax your earnings on everything at 90% to raise morale, yes? You’re worth about $62 billion so you write a check to the federal government for $56 billion which leaves you with plenty…PLENTY…to live on in your golden years.

Wassat? Go what myself? Yeah that’s what I thought.

Bishop on November 28, 2012 at 3:40 PM

Reduce your total worth to $41,560, the per capita income. Then we’ll talk.

thebrokenrattle on November 28, 2012 at 3:41 PM

60+ million obama voters eat this garbage up, they have black hearts full of envy, greed, sloth, gluttony, and murder.

tom daschle concerned on November 28, 2012 at 3:41 PM

What does Warren Buffett think about a tax on wealth…

… not income, but wealth.

Seven Percent Solution on November 28, 2012 at 3:41 PM

This man needs to shut the hell up.

Chuckles3 on November 28, 2012 at 3:42 PM

For some reason the link didn’t work

http://freebeacon.com/obama-leaves-open-more-tax-hikes-for-wealthy-in-2013/

Wigglesworth on November 28, 2012 at 3:42 PM

He must be a Democrat. Only a Democrat can get away with the hypocrisy of calling for proposed increased taxes on the wealthy as he meanwhile fights tooth and nail in court to avoid paying taxes he already owes.

Lily on November 28, 2012 at 3:43 PM

This guy would have been the head carpetbagger or plantation owner if he had been born 100 years earlier.

He’s the perfect reason why God grant’s us all a limited lifespan. Imangine if this guy had another 100 years of life on this planet. We’d make the USSR serfs look wealthy in comparison.

acyl72 on November 28, 2012 at 3:44 PM

What an absolutely stupid thing for Buffett to say.
Increase taxes on some to make others feel better ? And do it for no other reason ?
Class warfare plain and simple.

Personally, I’d feel better if those NOT paying any tax now, would chip in a little. Have a dog in the fight and all that.
When THEIR money is at stake, they may start paying closer attention.

Jabberwock on November 28, 2012 at 3:47 PM

The mindset of this dolt exemplifies the self serving incompetence and idiocy of this entire dysfunctional government.

rplat on November 28, 2012 at 3:47 PM

There is no level at which this disingenuous Bastard is right! What does need to happen is a lesson in Socialism. Take 100% of his money along with all of his property, with the exception of one house. Let him figure out how he has to pay for everything, now that he has no money to make him money and insulate him from the Socialism he wants everyone else to live with! Reality is the best teacher! Those having to deal with reality, because their safety net was taken by the Ideologues, he was rooting, for is simply a lesson learned by justice! The question is, when will Americans stop acting like the French and Surrendering to these cowardly Socialists and start fighting back like Americans or at least like Egyptians!

http://www.paratisiusa.blogspot.com

God Bless America!

paratisi on November 28, 2012 at 3:47 PM

The Useful Idiot was glowingly profiled on National Progressive Radio this morning. Leftists of all stripes (Lenin, Mussolini, Stalin, Hitler, Mao, Mugabe, etc.) have never had to worry about populist support from a select group of wealthy dupes. Buffet is damned lucky we don’t live in an age where he’d be put up against a wall when his usefulness is spent.

RobertE on November 28, 2012 at 3:49 PM

Warren should will ALL his wealth to the USTreas and then go to a deserted island and drink hemlock!

He wouldn’t feel guilty for being rich, and…as a matter of fact he would be able to get that second bite of the “15 Minutes of Fame” apple he so desperately wants.

He would also be making an individual statement, as in, an example for all the rich guilt ridden Hollywood-types” to follow.

Want to bet on how many on the left-coast will follow?

belad on November 28, 2012 at 3:50 PM

May he end in a creche, in diapers/Depends, soon, with Soros, in the same room.

Schadenfreude on November 28, 2012 at 3:51 PM

Who is more dangerous? Buffett or Geoge Soros?

I’d argue that Buffett is. At least with Soros, his true colors are apparent. Buffett is the comfortable old grandpa, revered by all, who we all seem to humor.

But the dude is a disingenuous socialist now. Forget the “just cut a check argument.” Warren, why aren’t you allowing the government to tax your full estate when you die? Why all the stashing of billions in “charities”? If you trust Washington, trust them with your life’s work.

Sugar Land on November 28, 2012 at 3:52 PM

Hey Warren…

Why don’t you start by paying the $1,000,000,000 in back taxes your company owes over last decade you miserable c–ksucker? Or how about just eating a bullet and leaving your money to charity? That would boost my morale.

Unfriggin’ believeable how the media covers for this f–king slug. All in the service of Obama I guess.

SAMinVA on November 28, 2012 at 3:57 PM

If he called me tonight and said, “Ed, I’m telling you that this investment is golden and you need to put some serious money in it,” I wouldn’t be asking about the capital-gains rate down the road. (By the way, Warren, drop me a line sometime and, er, let’s do lunch.) When you have a sure thing, there isn’t any risk.

Really? I’m honestly starting to wonder if he’s not losing his faculties.

He’s starting to dement into liberalism where feelings and emotions override logic and good business sense. Let’s make the middle class “feel good” over good economics?

That’s not someone’s thought process I’d spend money on without a serious vetting.

kim roy on November 28, 2012 at 3:59 PM

Buffett, you are a fu#ktard idiot. So normal, law abiding, hard working citizens are supposed to celebrate when the government arbitrarily steals wealth from other law abiding, hard working fellow citizens? You and your progressive compadres are morally twisted.

So Cal Jim on November 28, 2012 at 4:00 PM

Hyper billionaire with hyper billions already safely tucked away willing to have his income taxes raised, news at 9 and 11.

How about this Warren, we retroactively tax your earnings on everything at 90% to raise morale, yes? You’re worth about $62 billion so you write a check to the federal government for $56 billion which leaves you with plenty…PLENTY…to live on in your golden years.

Wassat? Go what myself? Yeah that’s what I thought.

Bishop on November 28, 2012 at 3:40 PM

I’m middle class and that would make me feel better.

Tax the rich starting with Warren Buffett.

kim roy on November 28, 2012 at 4:02 PM

SAMinVA — Hits the nail squarely on its head. Who the hell is Buffett to be talking about anyone else’s tax rates when HE DOESN’T PAY HIS OWN TAXES?

So Cal Jim on November 28, 2012 at 4:03 PM

What does Warren Buffett think about a tax on wealth…

… not income, but wealth.

Seven Percent Solution on November 28, 2012 at 3:41 PM

I will bet my annual salary that Warren Buffett, Bull Gates, John Corzine, Micheel Bloomberg, Nazi Pelosi, Babs, Ted Turner, Bruce, the Kerrys and Kennedys would all have an army of tax lawyers fighting tooth and nail if there was a 5% surcharge on WEALTH for the next 10 years, to reduce the debt.

belad on November 28, 2012 at 4:03 PM

60+ million obama voters eat this garbage up, they have black hearts full of envy, greed, sloth, gluttony, and murder.

tom daschle concerned on November 28, 2012 at 3:41 PM

You forgot wrath, pride and lust! What good can come from basing public policy on the 7 deadly sins?

2L8 on November 28, 2012 at 4:03 PM

As others have noted, doesn’t most of Buffett’s income come from investments? That won’t be affected by increased tax rates.

We can raise the top rate back to 90% and if most of his income comes from capital gains/investments it won’t affect him much at all.

SteveMG on November 28, 2012 at 4:06 PM

get a list of companies this greedy Buffett owns and AVOID THEM LIKE THE PLAGUE!

Stick it TO HIM!!

Hey Buffey…..write them a check now!!!!

PappyD61 on November 28, 2012 at 4:08 PM

Buffet’s net worth compared to his annual income would be the same as a millionaire who makes $1500 a year. So his 35% tax would be like him paying $500 a year in taxes.

AndrewsDad on November 28, 2012 at 4:08 PM

Who would want to take a bet that Buffett pays out $10 million plus annually to people who do NOTHING but work on tax avoidence for his various companies. That work increases the profitability of same companies, thus increasing HIS gains.

Jabberwock on November 28, 2012 at 4:08 PM

Perhaps Warren should cheer up people by paying his back taxes. He owes over a Billion bones, and has lost his latest court challenge to avoid paying his fair share.

What a hypocritical jerk.

Flyovercountry on November 28, 2012 at 4:10 PM

Bishop on November 28, 2012 at 3:40 PM
+ 1000!!!

Buffett is just another useful tool but useless human being…

Someone else said it and I have said it…

Greed & Envy

The pols play the game well, and as a result we now have classism in America!!

There are simpletons alive and well living in America, unfortunately.

The ones who truly need help get swept aside, their usefulness used up.

Oh but it’s all fine and dandy, for ‘other’ people to latch on and milk the system, honest down on their luck americans don’t stand a chance…

Buffett; You are a moron!! Shut yer gob and get on yer bike, I am sick of hearing you…sick of seeing your ugly mug…

Scrumpy on November 28, 2012 at 4:10 PM

I’m middle class and that would make me feel better.

Tax the rich starting with Warren Buffett.

kim roy on November 28, 2012 at 4:02 PM

Do you have any aspirations of moving UP, or do you just want to stay where you are because you have enough and what would you do with more?

I don’t expect to move up at my age, but I vehemently abhor the debt placed on my children, grandchildren and their children, because a few self-appointed elites want to stay in power!

Do you hate your children and their children so much that you would deny them the opportunity to become affluent just because they aren’t connected? Maybe you don’t hate your offspring, but why do you hate your neighbor’s?

belad on November 28, 2012 at 4:10 PM

Because venture capitalists put their money at risk rather than derive it from salary, investors want better return on profit — and the US has always calculated tax rates differently on the two in order to encourage investment. That’s nothing new.

A large number of business owner/managers, including nearly all small businesses, puts his/her money at risk instead of deriving it from salary. So why don’t small businesses get the same deal as venture capitalists when it comes to tax time? They create jobs too.

alwaysfiredup on November 28, 2012 at 4:12 PM

belad on November 28, 2012 at 4:10 PM

I think she just hates Warren Buffett.

alwaysfiredup on November 28, 2012 at 4:13 PM

Remove individual taxation of the citizen from the ‘federal’ government, and return the source of ‘federal’ revenue to the states.

GWB on November 28, 2012 at 4:13 PM

kim roy on November 28, 2012 at 4:02 PM

I forgot to add…when the RICH are reduced to the point they aren’t useful for stealing from, the gubmint will then redefine the RICH and keep redefining the RICH until everyone is RICH that has income….including you!

belad on November 28, 2012 at 4:14 PM

60+ million obama voters eat this garbage up, they have black hearts full of envy, greed, sloth, gluttony, and murder.

tom daschle concerned on November 28, 2012 at 3:41 PM

Isn’t that a racist thing to say? /s
+1

GWB on November 28, 2012 at 4:16 PM

Look, if any increase is used for deficit reduction, fine. And if it doesn’t hurt growth, also fine.

But if it’s going to suppress the economy and if it’s spent, why do it? Just to make us feel better?

That’s dumb.

SteveMG on November 28, 2012 at 4:16 PM

Buffet is damned lucky we don’t live in an age where he’d be put up against a wall when his usefulness is spent.

RobertE on November 28, 2012 at 3:49 PM

Obama hasn’t started his four next years yet…

the_nile on November 28, 2012 at 4:16 PM

keep redefining the RICH until everyone is RICH that has income….including you!

belad on November 28, 2012 at 4:14 PM

Except for themselves, of course. Somehow, they will fall into some loophole or another…….

GWB on November 28, 2012 at 4:17 PM

How come nobody ever mentions that Buffett has no morals?

We all know about his companies fighting paying $Billions in taxes, but I’ve been told from numerous trustworthy sources in NE that it’s commonly known that he has had a mistress on the side for 30 years in Omaha. Paying for everything for her,etc…Sorry that’s not something a noble man would do and if it’s widely known around town/state it should’ve been reported by now because this douche is trying to act like a moral wiseman to raise taxes, hurt the economy, but help his own business interests. It’s sickening.

jaygatz33 on November 28, 2012 at 4:17 PM

I’m guessing, he got rich, before he got stupid.

Alabama Infidel on November 28, 2012 at 4:18 PM

GWB on November 28, 2012 at 4:17 PM

They will have a different definition of their income vs. your income.

belad on November 28, 2012 at 4:18 PM

And then they watch guys like me end up paying a rate that’s below…

OMG this guy is a broken record. Same stupid-ass point for the last year now.

Hey Warren lets go for prosperity and leave the comparisons to whiny little bichz that want to make themselves outraged and miserable.

bernverdnardo1 on November 28, 2012 at 4:18 PM

How would Buffett know anything about the morale of the middle class?

hawksruleva on November 28, 2012 at 4:19 PM

kim roy on November 28, 2012 at 4:02 PM

I forgot to add…when the RICH are reduced to the point they aren’t useful for stealing from, the gubmint will then redefine the RICH and keep redefining the RICH until everyone is RICH that has income….including you!

belad on November 28, 2012 at 4:14 PM

You must be new here. That’s okay. Kind of my bad for not using one of these: / <—- sarc tag.

No. I'm a conservative. I want everyone to be rich. I just really find hypocrites (Buffett) tiresome. The short version would have been "you first".

I think she just hates Warren Buffett.

alwaysfiredup on November 28, 2012 at 4:13 PM

Not hate, just tired of meandering moral equivalencies and pandering. Thanks for the backup though. ;)

kim roy on November 28, 2012 at 4:21 PM

Translation:
I’ve got mine, I’m old, screw you!

Ufdaubet on November 28, 2012 at 4:21 PM

Republican should introduce a bill to seize all of Warren Buffet’s assets for the “common good”.

heretic on November 28, 2012 at 4:21 PM

If Warren were really such an Angel he would turn over all of his money except for maybe $250,000, so he could pay his fair share still, and help the country.

This clown is an Obama crony making money off government deals and is too rich to be affected by tax hikes. He truly is evil. He just doesn’t want his legacy of being what he is to be known. He also wants to keep the unwashed masses from coming to his doorstep when the food stamps run out.

Rockshine on November 28, 2012 at 4:21 PM

…POS has owed millions in taxes for a decade now…and the SOB just keeps his tax lawyers busy!

KOOLAID2 on November 28, 2012 at 4:23 PM

Strange little man

jake-the-goose on November 28, 2012 at 4:23 PM

Republican should introduce a bill to seize all of Warren Buffet’s assets for the “common good”.

heretic on November 28, 2012 at 4:21 PM

And the best part would be when the left notices that it didn’t make any difference.

bernverdnardo1 on November 28, 2012 at 4:24 PM

I can think of several other names to call it, other than the politically correct euphemism for what folks once called sin: such as envy, coveting, revenge, hatred, jealousy, etc.

Once we dare return to speaking the blunt truth we might be able to convert the political class a wee bit, but until then, they’ll continue to tell us the deceits we wish to hear. It seems few are worried about the moral cliff we have gone off.

Don L on November 28, 2012 at 4:24 PM

WARREN BUFFETT: No, and I think would have a great effect in terms of the morale of the middle class,

Why stop there? Burning the rich at stakes would probably have an even better effect on their morale.

Meanwhile, I have yet to figure out how Buffet, who so publicly made a show about having donated some $30 billion to his buddy Gates’ ridiculous foundation (and most certainly Buffet would never donate any money to the massive government he claims to adore) still shows up on the rich lists with his whole pile of wealth intact … as if he never gave anything away. Funny how that works.

Buffet is clearly a pathetic hypocrite. It’s funny how he thinks that he fools anyone with his simple-minded games.

ThePrimordialOrderedPair on November 28, 2012 at 4:25 PM

kim roy on November 28, 2012 at 4:21 PM

My apology for not catching the sarcasm…have a good day.

belad on November 28, 2012 at 4:25 PM

Buffet could start by paying the billion or more he owes in taxes, that should make a lot of people happy, or is it really true that only Republicans pay taxes?

Speakup on November 28, 2012 at 4:26 PM

Just like Michael Moore…all talk. Ignorant talk at that.

If Buffet wants to make a difference, then maybe try living a far far more ascetic life, and giving (personally, hands on) to help the poor, the infirm, those suffering under the yoke of capitalism or whatever the cause, maybe hiring all those people Obama says need hiring?

Preaching from behind billion-dollar pulpits, the Buffets, the Moore’s, and all the rest of those one-percenters who just loves them some Obama…

What a crock.

coldwarrior on November 28, 2012 at 4:26 PM

…POS has owed millions in taxes for a decade now…and the SOB just keeps his tax lawyers busy!

KOOLAID2 on November 28, 2012 at 4:23 PM

Maybe he should be president. He’s creating jobs.

kim roy on November 28, 2012 at 4:27 PM

My apology for not catching the sarcasm…have a good day.

belad on November 28, 2012 at 4:25 PM

I appreciate that and not necessary. I’ve done the same thing. Stick around, don’t be shy and get used to the regulars.

Hey, Bishop. You got a two-fer here. ;)

kim roy on November 28, 2012 at 4:29 PM

POS has owed millions in taxes for a decade now…and the SOB just keeps his tax lawyers busy!

KOOLAID2 on November 28, 2012 at 4:23 PM

Maybe he should be president. He’s creating jobs.

Maybe he should go and sell all he owns and lay the proceeds at the feet of his beloved messiah and become his Czar of Business.

hawkeye54 on November 28, 2012 at 4:31 PM

Yo, Mr. Buh-fay, if you would just stfu about raising taxes on the wealthy, it would cheer up a lot of us.

stukinIL4now on November 28, 2012 at 4:32 PM

I’m surprised his funds didn’t tank today on issue alone – his stupidity.

Tater Salad on November 28, 2012 at 4:32 PM

Preaching from behind billion-dollar pulpits, the Buffets, the Moore’s, and all the rest of those one-percenters who just loves them some Obama…

Besides Barry, they also love having the media eat up their pontifications and publicly noted endowments to politically correct causes. Swelled heads go with their swelled wealth.

hawkeye54 on November 28, 2012 at 4:33 PM

Maybe he should go and sell all he owns and lay the proceeds at the feet of his beloved messiah and become his Czar of Business.

hawkeye54 on November 28, 2012 at 4:31 PM

That’s good. He’d fit right in with the other insane ward refugees that are part of the “Obama Team”.

I’d be happy with him settling his tax bill before chirping about other people’s taxes. Demented old goat.

kim roy on November 28, 2012 at 4:33 PM

Handled at Heritage:

Morning Bell: 4 Reasons Warren Buffett Is Wrong on Tax Hikes

tom daschle concerned on November 28, 2012 at 3:34 PM

Actually…handled quite badly.

Let’s think about what taxes are intended to do. The cigarette tax is intended to curb smoking. Proponents of a carbon tax want to curb the amount of carbon emissions we are producing. In Washington, D.C., a plastic bag tax is intended to curb the number of plastic bags people use.

The idea that deciding to smoke less because of a tax is somehow analogous to cutting back on pursuing investment profit is is just absurd.
“Well I wanted to make $10..but now that I will only make $9 I am just not interested.”
Buffet’s point on the motivations of investors is a solid one – and just plain common sense. That Heritage has to resort to completely false arguments in a weak attempt to deny an obvious yet inconvenient fact…it might be any indication that they’ve lost this fight.

The problem with these arguments is that in debating slight increase in taxes, they make arguments that are actually against any taxes at all. (Or does Heritage just want to see lower taxes on cigarettes?)
And if that’s your position…well sure…make that case.

verbaluce on November 28, 2012 at 4:35 PM

If he called me tonight and said, “Ed, I’m telling you that this investment is golden and you need to put some serious money in it,” I wouldn’t be asking about the capital-gains rate down the road. (By the way, Warren, drop me a line sometime and, er, let’s do lunch.)

Hmmm…maybe not. Old Warren baby has had some real blunders…Conoco Phillips and Texas Energy Holdings come to mind. In many ways he’s just been dumb lucky. So no, I wouldn’t take his advice without question, especially now that he’s obviously senile.

Deanna on November 28, 2012 at 4:35 PM

Well, Warren old buddy old pal, how about you just pay the taxes you owe NOW, huh?

And why is it you want to stifle the small businesses that might threaten the larger ones that the extremely rich run? Don’t you want the little guy to have an opportunity to de-throne the big businesses through competition? Whats the matter with you Warren? You sound like a bolshie apparatchik of the nomenklatura… would you like a fur hat to go with your ideals, Warren, my fellow traveler? Comrade?

ajacksonian on November 28, 2012 at 4:36 PM

So they raise your taxes, BFD! It doesn’t solve the SPENDING problem the US has. BTW if you are in such a charitable mood, let me know when I can borrow your private plane and yacht (or someone’s yacht)so I can take a vacation.

tommer74 on November 28, 2012 at 4:44 PM

verbaluce on November 28, 2012 at 4:35 PM

Your comment is so stupid to as not warrant a serious response.

Self-immolate moocher.

tom daschle concerned on November 28, 2012 at 4:48 PM

I used to think Jeffrey Immelt was the equivalent of Jim Taggart….
But maybe Buffett fits the role too.

Wyatt’s Torch:
I can see it from my porch.

LegendHasIt on November 28, 2012 at 4:49 PM

Warren Buffett probably thinks that if he cheers for Obama long enough, the IRS will forgive his $1 billion tax debt.

The Rogue Tomato on November 28, 2012 at 4:50 PM

Geezer is just trying to keep his head from ending up on a pike.

BHO Jonestown on November 28, 2012 at 4:51 PM

Let’s start by seizing and selling off Berkshire Hathaway… I’m sure Buffet wouldn’t object to that.

malclave on November 28, 2012 at 4:54 PM

I’m so sick of this fat f*ck and his opinions that I think Congress should put his tax returns on the table and look for ways to screw him forever. Make life insurance payouts taxable as ordinary income. Invent some kind of a new tax on railroads, for example. Look at every aspect of his business and mess it up.

slickwillie2001 on November 28, 2012 at 4:54 PM

This moron really needs to go away……

dentarthurdent on November 28, 2012 at 5:00 PM

For arguments sake lets say peoples morale actually is boosted. So what? Does that create jobs or do anything at all to help the economy? I dont get it. I think revenues will be reduced. There is zero logic in his argument.

ldbgcoleman on November 28, 2012 at 5:01 PM

populism? or cronyism?

i’m not watch matt lauer gush over buffet…did matt ask why buffet didn’t leave his 30B to the government?

hypocritical statists doing political theater for the mass

and, how much does matt make a year?…i mean at a certain point you’ve made enough…i’d say tops at a million

r keller on November 28, 2012 at 5:01 PM

Warren is all for ‘the rich’ paying more in taxes.

Exit question: Why has Dear Ol’ Warren spent millions on lawyers for the last 10 years, fighting an IRS decision that his investment company owes ONE BILLION in back taxes?

GarandFan on November 28, 2012 at 5:10 PM

verbaluce on November 28, 2012 at 4:35 PM

Your comment is so stupid to as not warrant a serious response.

Self-immolate moocher.

tom daschle concerned on November 28, 2012 at 4:48 PM

Really?
How so?
I don’t blame you for passing on offering a defense the logic in the post you linked to.

verbaluce on November 28, 2012 at 5:11 PM

verbaluce on November 28, 2012 at 5:11 PM

Do you or do you not believe that taxing certain items or activities results in less of those “things”?
If not, then why would you (as with most libs) support taxing carbon, tobacco, alcohol, soda, candy, etc, etc in order to reduce those things?
If so, then why would taxing wealth generation NOT result less wealth generation?

On a slight tangent, even if people continue to create/accumulate wealth at the same rate, regardless of the taxes, what money do you think they’ll use to pay those taxes?
The extra tax money has to come from somewhere, so do you somehow not believe that they will take it out of investments or savings, cut back on hired help, buy less products and services?
What do you think will be the impact to the people who produce those items or provide those services that the wealthy cut back on?

dentarthurdent on November 28, 2012 at 5:26 PM

“Well I wanted to make $10..but now that I will only make $9 I am just not interested.”
Buffet’s point on the motivations of investors is a solid one – and just plain common sense.

verbaluce on November 28, 2012 at 4:35 PM

LOL. It’s just plain stupid. I can’t wait to hear how you prove that interest rates moving 1/4 of a point have no effect on anything. It’s too small for anyone to notice, after all …

Did you actually graduate high school?

ThePrimordialOrderedPair on November 28, 2012 at 5:28 PM

Except for him, of course.

Ward Cleaver on November 28, 2012 at 5:31 PM

If Buffett really wanted to cheer up the middle class, he’d have himself torn to pieces by a pack of wild dogs on YouTube. That’d be pretty cool.

Catahoula on November 28, 2012 at 5:33 PM

Do you or do you not believe that taxing certain items or activities results in less of those “things”?
If not, then why would you (as with most libs) support taxing carbon, tobacco, alcohol, soda, candy, etc, etc in order to reduce those things?

dentarthurdent on November 28, 2012 at 5:26 PM

I understand that the intent of the taxes you mention above are indeed to encourage that those are items are consumed less.
(And for what it’s worth, I’m not a big supporter of the tax approach in dealing with the societal issues at play on individual vices…though I understand the reasoning.)

BUT –
I also understand that taxes on investment income is NOT intended to encourage people to invest less.
My point is that there is not a comparison to be made on these two different tax situations.
Heritage is not making a sound argument here.
Perhaps you can.

verbaluce on November 28, 2012 at 5:39 PM

I’ve heard the argument before from libs that “the wealthy really don’t do anything with their money”, so it doesn’t hurt them to take more away in the form of taxes. Most recently it was my son parroting a lib college professor. So I pointed out to him – if they don’t do anything with their money, then where is it? Invested in businesses. Oh, so companies have that money invested in them to use to expand business and create jobs, right? Uhh, ya. So what happens when you pull the money out of those businesses? Uhhh, I guess they have to cut back. Yup. What else? Do they buy stuff? Not really. Oh – so they don’t have cars, houses/mansions, boats, electronics, etc, etc. Well ya I guess so. What happens to the people who produce those things if the wealthy stop buying them? Uhh, they go out of business. Yup. Do the wealthy hire landscapers, gardeners, chauffeurs, maids, cooks, limo drivers, hairstylists, prostitutes, tanning salons, charter planes (with flight and maintenance crews), etc, etc? Uhhh, well ya. What happens to all those people when the wealthy cut back to pay the extra taxes? Uhhh, they lose their jobs. BINGO!!!

dentarthurdent on November 28, 2012 at 5:39 PM

If Buffett really wanted to cheer up the middle class, he’d have himself torn to pieces by a pack of wild dogs on YouTube. That’d be pretty cool.

Catahoula on November 28, 2012 at 5:33 PM

Let’s call Michael Vick – I’ll bet he knows where to get some of those dogs….

dentarthurdent on November 28, 2012 at 5:40 PM

I also understand that taxes on investment income is NOT intended to encourage people to invest less.
My point is that there is not a comparison to be made on these two different tax situations.
Heritage is not making a sound argument here.
Perhaps you can.

verbaluce on November 28, 2012 at 5:39 PM

The intent is irrelevant. Does increasing the tax rate on things cause a reduction in the consumption of those things? Yes or No. It either has that effect or it doesn’t – intent means nothing.
If yes, then increasing taxes on wealth generation will negatively impact wealth generation.
If no, then all those other taxes libs push will NOT do what the libs intend for them to do.

dentarthurdent on November 28, 2012 at 5:46 PM

Great Patriot Buffet should run his business like his beloved democrats run the government. Run deficits and make no BUDGET.

tom daschle concerned on November 28, 2012 at 6:00 PM

Let’s call Michael Vick – I’ll bet he knows where to get some of those dogs….

dentarthurdent on November 28, 2012 at 5:40 PM

Thanks a lot!

I now have probably 2 hours of work cleaning all the Coke® from my monitor and keyboard.

belad on November 28, 2012 at 6:14 PM

Tax the rich? Sure. The Republicans in Congress immediately introduce a series of laws to raise taxes on the wealthy in a way that disproportionately impact wealthy Democrats. Start with eliminating the mortgage interest deduction on homes worth more than $250,000. That would affect California, New York, Illinois and Massachusetts, all blue states with high property values. Next we eliminate the federal deduction on state and local income taxes, which tend to be higher in blue states and Democratic dominated cities. Tax the investment income of university endowments and foundations, those tilt left as well. Tax trust funds – conservatives are more likely to make wealth, not inherit it. Restore the 20% tax on movie gross revenues that we had following WWII to pay down that debt, only extend it to all entertainment like music and video downloads, concerts, CDs and DVDs. Institute a 33% tax on trial lawyers’ contingency fees (lawyers like that 33% figure). Sell them all as soaking the rich and watch the Democrats vote them down.

rokemronnie on November 28, 2012 at 6:15 PM

Thanks a lot!

I now have probably 2 hours of work cleaning all the Coke® from my monitor and keyboard.

belad on November 28, 2012 at 6:14 PM

LOL.
Call Barry. Maybe you can get a free obammacomputer to replace it….

dentarthurdent on November 28, 2012 at 6:19 PM

I don’t need to be cheered up. I need a competent person in the White House who understands what to do to the economy to put people back to work. I need for those who are unemployed to get back to work so my tax money will go to important things besides Obamaphones and the like. How about if we raise taxes on investment income over $10 million in Berkshire Hathaway or some other arbitrary number.

Bill R. on November 28, 2012 at 6:24 PM

rokemronnie on November 28, 2012 at 6:15 PM

I object to the $250k home value threshold – that hits me. Make that one $1M.
I would add sports teams/events to the list for the extra 20% tax. See what happens when all those left wing NFL, MLB, NHL, etc owners and players have to cough up an extra chunk of taxes.

dentarthurdent on November 28, 2012 at 6:30 PM

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