The PJ Tatler

Obama Loses Warren Buffett on the 'Buffett Rule'?

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.