Has the Oracle from Omaha gone soft?
On CNBC, Warren Buffett says he disagrees with the Buffett Rule and refuses to endorse the American Jobs Act.
More from Chris Moody:
CNBC: “Are you happy that the way it is being described. Is the program that the White House has presented a million dollars and over your program? ”
Buffett: “Well, the precise program which will — I don’t know what their program will be. My program would be on the very high incomes that are taxed very low. Not just high incomes. Somebody making $50 million a year playing baseball, his taxes won’t change. Make $50 million a year appearing on television, his income won’t change. But, if they make a lot of money and pay a very low tax rate, like me, it would be changed by a minimum tax that would only bring them up to what other people pay.”
CNBC: “Does that mean you disagree with the president’s new jobs proposal which would be paid for by raising taxes on households with incomes of over $250,000.”
Buffett: “That’s another program that I won’t be discussing. My program is to have a tax on ultra-rich people who are very tax rates. Not just all rich people. It would probably apply to 50,000 people in a population of 300 million.”
Buffett added that he plans to examine the bill once it’s written and will make a judgment about his support.
As Ace notes, Obama has used Buffett as a kind of absolute moral authority talisman on economic policy. Obama has no economic credibility of his own; he’s a former community organizer who never really held down a normal, private sector job. Using Buffett’s name provided Obama some cover. Buffett just pulled that cover off.
It’s beginning to look like Warren may have set Bammie up for a fall. First, go public with a “tax the rich” meme. POTUS picks-up the meme and runs with it. Then, pull the rug out from under him (POTUS) after he’s gone on-record supporting and promoting the notion.
Was/is Warren simply playing the Bamster for a fool…and has now proved it to be so?
not a chance.
And Obama doesn’t care anyway. He creates his own reality. Buffet made his comments and Obama is running with them. Anything Buffet has said since the original comments or in the future will be ignored unless they can be woven back into the narrative.
He does it all the time.
I call it “lying”. But then, I’m a racist.
Interesting premise, Jack L.
Equally interesting: Buffett now appears to be making a strong distinction between the super-wealthy and those with comfortable but not lavish incomes. I don’t recall him being quite so explicit in the past.
Perhaps Buffett should enter the dinner-with-Obama raffle, and if he wins, share his thoughts with the Obumbler in chief.
#1; Buffett has always played EVERYONE for fools. His first billions were made buying up companies in distress due to taxes/estate taxes, then parting them out (like the character Edward Lewis in “Pretty Woman”.)
He’s very much a narcissist and that’s probably why he gets along with Bammer so well (until now).