Monday, February 27, 2012

Buffett as Buffoon

Becky Quick and Joe Kiernan took Warren Buffett to task this morning on CNBC for his hypocritical stance on income taxation. Joe suggested, as has Governor Christie recently, that if Warren is so intent on paying more in income taxes why doesn't he write a check. Buffett's response: his writing a check would not solve our deficit problem.

Interesting answer. Neither would putting a surcharge on "millionaires and billionaires." Raising taxes on the rich would not put a dent in the deficit problem that the US faces. It doesn't matter whether just Buffett pays up or whether he is joined by his rich buddies. It won't move the needle.

So, why won't he write a check and show the way if he believes that is the "right thing to do."

Why? Because, Buffett is a hypocrite. He wants to appear to be the good guy, knowing full well that all he has to do to avoid income tax is shift his assets around and have no taxable income at all and pay no taxes whatever.

If Buffett wanted to pay more taxes, the route is obvious. As Governor Christie put it so eloquently: "shut up and write a check."

Buffett likes to hear the sound of his own voice, but he isn't about to share any of his wealth with the US taxpayer. Let others do that, says Warren!

Kiernan went on to query Buffett about his love for big government and having the government deciding winners and losers in the private economy and invest taxpayer dollars in the Solyndras of the world. What was Buffett's answer? "The US has the greatest industrial machine on the earth," said Buffett.

Buffett, like a lot of the far left, gives the free market zero credit for the US economic engine. To Buffett, the government is the be-all and end-all of American greatness. No wonder he supports Obama.

He should write a check!