Skip to comments.Buffett: My plan was not the 'Buffett Rule'
Posted on 09/30/2011 8:15:02 AM PDT by Sub-Driver
Buffett: My plan was not the 'Buffett Rule' By Alicia M. Cohn - 09/30/11 11:01 AM ET
Billionaire investment guru Warren Buffett, who has become the face of President Obama's $447 billion jobs creation legislation, said Friday that he might not agree with everything in the bill.
Obama has called for higher tax rates on millionaires as part of his proposed deficit-reduction plan. Obamas proposed tax increase, called the Buffett Rule in a nod to Buffetts call for higher taxes on the wealthiest Americans, would apply to those earning annual incomes of $1 million or more.
However, Buffett said he advocated a tax hike only on what he termed the ultra-rich, making a distinction between his suggestion and Obamas decision to raise taxes on millionaires.
It isnt [my idea] to have the rich pay more taxes. Its to have the ultra-rich pay more, he said on Bloomberg Television. What Im talking about would probably apply to 50,000 people in the country.
Buffett estimated that raising the tax rate on the ultra-rich multi-millionaires would raise about $20 billion and go a long way to solving the deficit. However, Buffett specifically said he did not advocate taxing people making $1 million.
I have not looked at all the details of the [presidents jobs] plan, he said. Buffett called Obamas bill a stimulus plan and added that he doubted he would agree with all of it.
Buffett plans to wait until there is some consensus in Washington before he looks at the details of a final deficit bill. The real question is whether you can get the majority of Congress to agree, he said.
Republicans in Congress have shown resistance, largely along party lines, to the idea of raising taxes and Buffett has become something of a lightning rod due to his close ties with the Obama administration and becoming the face of Obamas latest proposal.
Buffett laughed off the suggestion from several, including Senate Minority Leader Mitch McConnell (R-Ky.), who he named, who have suggested he simply write a check to the government if he thinks he can help pay down the deficit.
McConnell has child like faith to believe people will solve the deficit by voluntarily sending checks, Buffett said. Buffett indicated government involvement is necessary.
Buffett is a featured guest at a Democratic National Committee fundraiser for Obamas reelection campaign on Friday night in New York.
>It isnt [my idea] to have the rich pay more taxes. Its to have the ultra-rich pay more, he said on Bloomberg Television<
Just when you thought he couldn’t come up with something dumber to say..
The rules reduce my comment to a euphemism.
Oh my, he played with a poopie stick and got poopie on his little paws. Democrats are so stupid. How often does one have to be pooped on before they figure out who is not operating in their best interests.
Buffett thinks $20B will go “a long way” towards reducing the national debt? Apparently he’s almost as much of a math wiz as Obozo...
Buffet is a rent-seeking cashhole. He will get far more in favorable regulations than what he will have to pay in new taxes.
Best bet is to simply seize all the assets of the “ultra rich” ~ wouldn’t end the deficit, but it’d put an end to this “tax the rich” nonsense ~ fur shur it’d shut Buffett up.
I see. So what do we call the blind insistence on more spending and more government as the solution to over-spending and over-growth in government?
He didn't realize many of "the people" would see through his bullshat and start scrutinizing his lying statements.
He doesn't even pay the millions in taxes he already owes, and secretaries don't pay anywhere near as much (actual or percentage) in taxes as the rich do (when they actually pay them, unlike Buffet.)
Now he's walking backwards out of the room, hoping nobody notices him.
Anyone think Buffett and Soros would make an adorable Socialist couple?
I could have sworn that muppet had said that the rich WANTED to pay more.
But now we cant really hold him to that.
No, he just has the clear vision that the vast majority of rich people yelling to have taxes raised are 24 karat hypocrites who aren't interested in sending more of their own money to the government but rather taking other people's money. (and at the same time touting their life insurance products as a method of tax avoidance).
Buffet stepping away from Obama’s plan is actually good news. Don’t like Buffet, but this is a big chip at the foundation of Obama’s rhetoric.
Buffett’s companies owe $1billion in back taxes. Maybe he should just pay his damn taxes and quit talking.
No, you moron. McConnell wants you to put your money where your mouth is and pony up the dough voluntarily.
You can't lead from behind.
I don't care about the rich nor the ultra rich...I really don't....
if the rich and ultra rich like George Kaiser of Solyndra fame made their money by bilking the govt and the taxpayers, paying more tax is the least of my worries...they need to be JAILED...
but all tax increases eventually hit the middle class, which more or less IS the working class...
$20 billion is NOTHING when you're talking trillion dollar deficits...NOTHING AT ALL...
Buffett recants. What a surprise. He must be getting feedback from all his investors that he just stabbed in the back.
Now, write that nice little check to the feds and shut up.
Sounds like Warren didn’t get the deal he desired to waive the billions of back taxes he owes to pimp for Hussein.
Buffett, for all his supposed economic skill is really not the sharpest knife in the drawer. He opened his mouth, made a complete idiot of himself, ruined or diminshed his stature permanently. Maybe it’s his creeping age, you know, a bit senile. And.....ditto for Morgan Freeman, one of our all time great actors!!! Sad!!! These folks do not have a clue how really small, petty and meaningless they heve made themselves become!!!
Well then Warren, if I may be so bold, tell that to “Big Ears”, he named it, not us...............
Hey Buffet, want to raise some revs for the gov? I notice most of your “deals” to companies like Dow and BofA are with preferred stocks, convertable to common, but more importantly paying rates from 6 to 10%. The dividends of these preferred stocks are 70% excludable from tax. So, just do away with that stupid rule and fully tax preferred dividends.
Works for me, how about you?
Ha. That's what I whip out when the office liberals try to help me "see the light" ( aka workplace harassment ).
"Does it seem fair that Warren Buffet is taxed at a lower rate than his secretary?"
"Why do we punish Buffet's secretary with a higher tax rate? That's not fair to the secretary to pay a higher rate than Buffet! It should be reduced!"
Buffet throws Obama under the bus! LOL!
So does he now realize that he is simply a useful idiot?
I distinctly recall that too. Perhaps we can just leap to the conclusion that since whatever Warren Buffet said in the past means nothing now, whatever he's saying now and in the future will also mean nothing? I mean he did have the opportunity to voluntarily pay more and demonstrate at least the courage of his convictions...
He says "they aren't paying their fair share."
Let this be a lesson to self-lothing Rich people like Buffet.
Once you profess that a little Socialism for “rich People” as a good thing to the Marxist in the White House then you just gave him all that he needs to assume everybody is Rich.
To 0bama and his Regime, there can be no such thing as a little Socialism because now he cal assume everybody is rich and so he is now free to spread their wealth.
Socialism is such/SUCH a failed model, and now we will have added over 6 Trillion to our children’s obligation in the National Debt in just the 3 short years since the Salvador Allende of America has taken charge in 2008.
Warren Buffet, “I am a tool, a stooge, and a patsy!”
Total Public Debt Outstanding : 14,701,883,169,793.25
Buffets Gimmick tax (with built-in personal loophole): 20,000,000,000.00
"long way" : 14,681,883,169,793.25
Of course that is the rosiest scenario if the money is collected today and applied directly to the principal. The CBO project $1300 billion deficit this year, so 1300-20=$1280 billion deficit.
Oh, the little old man is just trying to find salvation as that golden sun sets for him.
Sort of like me dear old Grand Dad, as he neared his end figured he better buy his way into Heaven, to which a local Jimmy Sewaggert type gladly took his ticket money.
Next we’ll hear Soros ding the same thing.
Got a big laugh on BOR the other night, he had on a couple of TAX THE RICH butt-brains on and asked each of them did they write a check to Treasury for the excess they were not taxed enough on. Both said NO. BOR rolled em right into the ditch!
Bwahahahahahahahahahahahahahahahahaha . . . . .
I call BS on you Buffett!! You're a well-known Obama sock-puppet and you keep proving it!!
you know I blame the GOP.
We all know our media is pro homo, cross dressing liberal biased and corrupt but it is up to the GOP to get the message out.
Why are they now not showing AD’s go on live TV so it cannot be edited and say even Buffett and the Dems do not agree with this obama.
Show zero saying blacks are moaning and sitting around, use his words like beck always did.
Show zero promoting homosexuality to the black and hispanic community
Hell they can show ole fat ass telling people to eat healthy and then show her eating loads of pizza, fries, burgers and ice cream.
COME ON GOP GET A GRIP AND SHOW HIM IN HIS OWN WORDS
I think they should move and I think once we get power we investigate Soros, his different groups, the media.
After of course we get rid of the insane policies of allowing cross dressers and queers to serve openly in the military and we get rid of health care
It's not a "child like faith" you douche. McConnell was calling your hypocritical ass out.
[Buffett estimated that raising the tax rate on the ultra-rich multi-millionaires would raise about $20 billion and go a long way to solving the deficit.]
LOL. Yeah, that $20 billion a year would make a huge dent in a $1.6 trillion annual deficit. And we all know that the government can spend/invest that money so much more efficientlly and effectively than the successful private sector person who earned it in the first place.
It will go 1/80th of the way toward solving the deficit. Apparently Buffett's definition of "long" differs from the rest of us.
If anyone in Buffett’s company treated their clients with the disrespect that he shows towards the U.S. taxpayer, Buffett would fire him.