Bloomberg News just reported on an interview today with Warren Buffett. He echoed his earlier sentiments about how the rich should be paying a higher rate of tax.
While some may take it as a swipe at Mitt Romney, Buffett put himself in the same category. Buffett said that the tax rate that he pays along with Romney comes reflects “poor laws rather than failings by the candidate…”
John Boehner probably classifies Romney and Buffett as “jobs creators” who should pay even less than they are now. But, a guy who can buy and sell Mitt Romney 25 times over says otherwise.
Buffett is kind of like the old fashioned ads from E.F. Hutton. When he talks, people listen.
Here’s the full article from Yahoo News and Bloomberg:
Buffett Blames Congress for Romney's 15% Rate
By Andrew Frye and Andrea Ludtke | Bloomberg – 5 hours ago
Warren Buffett, the billionaire calling for more taxes on the rich, said Mitt Romney's U.S. tax rate of about 15 percent reflects poor laws rather than failings by the candidate for the Republican presidential nomination. "It's the wrong policy to have," Buffett told Bloomberg Television's Betty Liu in an interview today. "He's not going to pay more than the law requires, and I don't fault him for that in the least. But I do fault a law that allows him and me earning enormous sums to pay overall federal taxes at a rate that's about half what the average person in my office pays."
Buffett, chairman and chief executive officer of Berkshire Hathaway Inc. (BRK/A) , supports Democratic President Barack Obama and said Congress needs to raise taxes on the wealthiest Americans to close the budget deficit. Romney has agreed to release his 2010 tax return tomorrow, under pressure from Republican opponents, after saying he pays about 15 percent. Romney co- founded Boston-based private-equity firm Bain Capital LLC.
"He makes his money the same way I make my money," Buffett said. "He makes money by moving around big bucks, not by straining his back or going to work and cleaning toilets or whatever it may be. He makes it shoving around money."
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Comments
Good blog Walter!
HUGGGGGGGGGGG
Bernardine--I'd love to see Warren Buffett doing even more to "influence the world"--especially the world we live in right here in the good old U.S.A. I can't recollect a time when Buffett has been anything but "right on the mark". Even when Berkshire has made mistakes, he's owned up to it publically with his shareholders rather than hiding and blaming someone else.
CBerg--thanks. one of the reasons that Congress doesn't listen is that they as a group know what side the bread is buttered on--yep, you got it. the butter comes from the guys with the big bucks.
My own representative is the richest guy in congress. You'd think that would make him immune. Nope only listens to money and/or teabaggers. Too bad because he could be pretty immune.
He's one of the most impressive capitalists I've ever observed. I'm sure he has a the best PR staff money can buy, but he might be the best spin master of all time and it's his show. Berkshire Hathaway hasn't affected me personally but I remember the bitter response of laid off people like those in the original Hershey factory in Pennsylvania when he closed it to move it to Mexico. A very smart move. He calmly explains what he does as he pragmatically creates thousands of low wage jobs overseas and leaves people here without them in his gentle wake. Like a giant Monopoly game he plays from his humble abode. He doesn't need the money but the results make him a winner and at that level, that's the game. Sometimes he gets to be the best.
There are different ways to play it and beat everyone. Buffett does it telling the truth about what he's up to like a benevolent grandfather and has amassed a huge amount of money. He's made the masses love him knowing that when he dies he's going to give it all away to those less fortunate than him. I feel a little sorry for the granddaughter he disinherited for granting an interview that wasn't sanctioned. But, like everyone she knew the rules of the game. He's nicer about what he's done and I do like that, and the fact that when he dies he's giving everything away.
http://www.newyorker.com/talk/financial/2012/01/30/120130ta_talk_surowiecki
Once again, Romney didn't write the laws. Most of the stuff was already there and was just exploited by Private Equity.