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.