Skip to comments.The Hypocrisy and Foolishness of Warren Buffett
Posted on 01/13/2012 8:32:52 AM PST by Paladins Prayer
Despite his advanced age, it appears Warren Buffett has never heard the admonition, Practice what you preach. And it seems that some of his apologists havent, either.
As you may know, Buffett has long been urging the government to seize more money from the rich, with the rationale that they have an obligation to pay more. In response, many traditionalists have told him to put up or shut up: If he truly believes in what he says, theres nothing stopping him from writing a check to Big Brother as large as his socialism-espousing mouth. And now Buffett has a response:
He will if his critics will.
[snip]...As far as an extra tax contribution goes, however, I wouldnt hold my breath waiting for Mr. 3 to 1 to cough it up. And, in reality, it would do little more than salve his conscience, anyway. After all, with the profligate feds spending $3.7 trillion a year, Buffetts entire fortune would keep the government running for only 4½ days. And what if other rich folks kicked in? Well, consider this: If we taxed all income above $250,000 dollars at a 100-percent rate, confiscated all the profits of every Fortune 500 company and the entire net worth of Americas 400 billionaires, it would keep the government running only through drum roll mid-August.
(Excerpt) Read more at thenewamerican.com ...
Try this one on for size and read past the first couple sentences and paragraphs:
Its like a bunch of rich guys running around acting altruistic and claiming the death tax should be reinstated or at higher levels.
What they dont tell you is their holdings include companies who profit from estate planning, income shelter, etc.
If the government has no death tax it is a direct competition to the insurance companies, law firms, Wall Street, etc.
Without the death tax there is no need for their services and such stringent estate planning.
Here is an excellent video explaining Warren Buffet and Berkshire-Hathaway. Get a cup of coffee and watch it. You will see the scheme explained and then you will get it.
Also note what companies he has acquired, how and why:
Why This Superrich Guy Likes High Taxes
Warren Buffett Benefited From Death Tax
Wanna know why Buffet pushed for TARP bailout?
Suffice it to say Berkshire owned stock in some largest receipents of TARP valued at $13 billion around that time.
Here is the funny part:
Buffett increased his bank holdings in September, while he was arguing in the media that Congress should approve the bailout to prevent the collapse of the global financial system.
TARP was approved in October of that year, just one month later!
Its good to be king!
He actually said if he didnt think the government was going to act(in a way that would positive and accretive to hihis holding) he wouldnt have been doing anything that week. (paraphrased)
BofA in April 2009 was around $4 per share and is now trading at $13.80 per share as of 3/02/2001
Wells Fargo in April of 2009 was around $11 per share and is now trading at around $31 per share.
How about US Bancorp trading at around $14 per share in April 2009 and now trading at about $26 per share.
Goldman Sachs Group trading at some $51 dollars per share has now zoomed to above $160 per share.
How about those poor folks at American Express trading at just above $10 per share in 2009 and now they are trading at about $45 per share?
Bottom line: We, the schmuck taxpayer, paid to enhance the holdings of companies like Berkshire and investors in Berkshire.
Exactly. None of the "tax the rich" billionaires are proposing to tax assets in excess of some cut-off, just raise tax rates on non-tax-sheltered income, of which they, themselves, may have surprisingly little given their wealth. They propose, whether wittingly or not, chiefly to screw small businessmen who file their business taxes as individuals.
Buffett has long been urging the government to seize more money from the rich
True as far as it goes, but in his defense he didn’t exactly say the above. He only talked about the “super” rich, those in his bracket. As mithter Limbaugh has stated, Warren has gotten rich being a capitalist, while buddying up to the socialists, and knowing full well that had the economy been socialist, he would not be where he is today.
And they never propose a tax on wealth,
just on income, ie, taxing GAINING wealth.
They like the rarified air they find themselves in and don’t want anyone else breathing it.