Warren Buffett once said that it wasn’t right for his secretary to have a higher tax rate than he faced, leading me to point out that he didn’t understand tax policy. The 15 percent tax rates on dividends and capital gains to which he presumably was referring represents double taxation, and when added to the tax that already was paid on the income he invested (and the tax that one imagines will be imposed on that same income when he dies), it is quite obvious that his effective marginal tax rates is much higher than anything his secretary pays. Though he is right that his secretary’s tax rate is much too high.
Well, it turns out that Warren Buffett also doesn’t understand much about other areas of fiscal policy. Like a lot of ultra-rich liberals who have lost touch with the lives of regular people, he thinks taxpayer anger is misguided. Not only does he scold people for being upset, but he regurgitates the most simplistic Keynesian talking points to justify Obama’s spending spree. Here’s an excerpt from his hometown paper.
Well, it turns out that Warren Buffett also doesn’t understand much about other areas of fiscal policy. Like a lot of ultra-rich liberals who have lost touch with the lives of regular people, he thinks taxpayer anger is misguided. Not only does he scold people for being upset, but he regurgitates the most simplistic Keynesian talking points to justify Obama’s spending spree. Here’s an excerpt from his hometown paper.
Taxpayer anger against President Barack Obama and Congress is counterproductive because policy makers took measures including deficit spending to stimulate the economy, billionaire investor Warren Buffett told CNBC. …“I hope we get over it pretty soon, because it’s not productive,’’ Buffett said. “We will come back regardless of how people feel about Washington, but it is not helpful to have people as unhappy as they are about what’s going on in Washington.” …“The truth is we’re running a federal deficit that’s 9 percent of gross domestic product,” Buffett said. “That’s stimulative as all get out. It’s more stimulative than any policy we’ve followed since World War II.”
About the only positive thing one can say about Buffett’s fiscal policy track record is that he is nowhere close to being the most inaccurate person in the United States, a title that Mark Zandi surely will own for the indefinite future.
[…] If there was a contest for the world’s most inaccurate economist, Zandi almost surely would win a gold medal. […]
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[…] also seems that Buffett’s support for the faux stimulus may have been for pecuniary reasons, or at least has a self-interested component. In late 2009, […]
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[…] as I noted in a previous post, Buffett completely ignores the impact of the death tax, which will result in the federal […]
[…] as I noted in a previous post, Buffett completely ignores the impact of the death tax, which will result in the federal […]
[…] as I noted in a previous post, Buffett completely ignores the impact of the death tax, which will result in the federal […]
[…] as I noted in a previous post, Buffett completely ignores the impact of the death tax, which will result in the federal […]
[…] as I noted in a previous post, Buffett completely ignores the impact of the death tax, which will result in the federal […]
[…] as I noted in a previous post, Buffett completely ignores the impact of the death tax, which will result in the federal […]
[…] as I noted in a previous post, Buffett completely ignores the impact of the death tax, which will result in the federal […]
[…] honest effective tax rate numbers, he needs to show the 35 percent corporate tax rate.Moreover, as I noted in a previous post, Buffett completely ignores the impact of the death tax, which will result in the federal […]
[…] аѕ I noted іn a previous post, Buffett completely ignores thе impact οf thе death tax, whісh wіll […]
[…] as I noted in a previous post, Buffett completely ignores the impact of the death tax, which will result in the federal […]
[…] Post predictably gave some publicity to the Keynesian analysis of Mark Zandi, even though his track record is worse than a sports analyst who every year predicts a Super Bowl for the Detroit…. The story also cited similar predictions by the politically connected folks at Goldman Sachs. […]
[…] Post predictably gave some publicity to the Keynesian analysis of Mark Zandi, even though his track record is worse than a sports analyst who every year predicts a Super Bowl for the Detroit…. The story also cited similar predictions by the politically connected folks at Goldman Sachs. […]
[…] Post predictably gave some publicity to the Keynesian analysis of Mark Zandi, even though his track record is worse than a sports analyst who every year predicts a Super Bowl for the Detroit…. The story also cited similar predictions by the politically connected folks at Goldman Sachs. […]
[…] have lower tax rates than their secretaries. I’ve already explained on the blog that this is completely inaccurate because it ignores double taxation, and I reiterated that argument in this CNBC […]
[…] have lower tax rates than their secretaries. I’ve already explained on the blog that this is completely inaccurate because it ignores double taxation, and I reiterated that argument in this CNBC […]
some insurance agencies are very greedy that is why i always take a second thought when dealing with them'””
I personally don’t like Buffett and I grew up and live in the same city. Every time I hear the words “Oracle of Omaha” I vomit in my mouth.
His public sentiments run quite contrary to his private actions – or at least the actions of BH conglomerate. He was out professing about the doom of financial derivatives when his own insurance agency peddles them. His idiotic rantings on the tax rates he pays are largely devoid of merit. His investment “advice” is overly vague and not much more than you could have learned picking up a basic investment book 30 – 40 years ago.
I wish the press would stop pulling out the Brasso to shine his halo every time he talked.
I am surprised buffet is not upset with obamo, too.
After obama was elected Berkshire Hathaway-A dropped from around $140,000 per share to around $70,000 a share. While it’s come back some, it hasn’t fully recovered.
I can see a lot of his share holders being upset not only with obama but also with buffet for supporting that clown.