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.