Billionaire investment guru Warren Buffett, who has become the face of President Obama’s $447 billion jobs-creation legislation, indicated Friday he did not agree with the president’s proposal to raise taxes on millionaires.
Buffett said he advocated a tax hike only on what he termed the “ultra-rich,” making a distinction between his suggestion and Obama’s proposal 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 Friday.
“It isn’t to have the rich pay more taxes. It’s to have the ultra-rich who are paying very low tax rates pay more taxes. There’s all kinds of ultra-rich who pay normal taxes, but there is a small segment–but you can find them very easily–who pay very low taxes, including me. People who make money with money only pay very low taxes at very high levels of income. … What I’m talking about would probably apply to 50,000 people out of 310 million in the country. … It would simply mean that if you made tens of millions of dollars, and your tax rate was 16 or 17 percent, you would start paying like the person who made $100,000 or $10 million who paid normal tax rates.”
An athlete making 10, 20, 30 million of dollars would not have a change in his tax rate under Buffett’s proposal, he said.
Of course, taxing the “ultra-rich” will do even less to cut the deficit than will taxing the merely rich. Still, this is a story worth noting, and it is also worth mentioning at this point that a responsible and competent press corps would ask President Obama and his Administration why they cite Buffett as a supporter of the Administration’s economic plan (not to mention the Administration’s calls for class warfare), when it is clear that Buffett has vast differences with the Administration’s approach to economic policy.