Buffett: My plan was not the 'Buffett Rule'

The Hill ^

[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. Obama’s proposed tax increase, called the “Buffett Rule” in a nod to Buffett’s 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 Obama’s decision to raise taxes on millionaires.

“It isn’t [my idea] to have the rich pay more taxes. It’s to have the ultra-rich pay more,” he said on Bloomberg Television. “What I’m 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 [president’s jobs] plan,” he said. Buffett called Obama’s 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 Obama’s 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 Obama’s reelection campaign on Friday night in New York.

[hinckley buzzard]

It should be obvious by now that the establishment GOP is not terribly uncomfortable with Obama and his thugs in charge.

[NittanyLion]

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.

It will go 1/80th of the way toward solving the deficit. Apparently Buffett's definition of "long" differs from the rest of us.

[Rocky]

If anyone in Buffett’s company treated their clients with the disrespect that he shows towards the U.S. taxpayer, Buffett would fire him.