I get nauseated and disgusted when guilt-ridden wealthy people try to come across as friends of the common man by endorsing soak-the rich taxes. I’ve even debated a couple of self-loathing trust fund babies (see here and here) about class-warfare policy.
If neurotic rich people believe that the government should have more money, there’s nothing stopping them from writing big checks to Uncle Sam. This is a free country and they have the right to be stupid.
But they shouldn’t be allowed to lie, either intentionally or accidentally. And this is why I get so upset when Warren Buffett says that rich people 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 interview.
I’m not surprised that my debate opponent disagreed (even though I assume he knows I’m right), but I am surprised that one of the CNBC hosts didn’t understand the concept.