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Eminentoes
The Sage Who Won’t Stay Put in Omaha
The world’s most irritating billionaire is back in town.
I was afraid it might come to this. Mungo’s back in town. Well, not Mungo, exactly, but Warren — Warren Buffett, that is — who is gifted in inflicting maximal irritation, if not pain, in playing the role of a virtuous and self-sacrificing billionaire.
So here we go again with more of same false but folksy advice on why it’s okay to raise taxes on the “rich” — which includes anyone making as much as $500,000 a year, according to Buffett’s op-ed in Monday’s New York Times.
And then again he turned up in the Charlie Rose show on PBS, this time nominating JPMorgan Chase & Co. CEO Jamie Dimon to replace Timothy Geithner as U.S. Treasury Secretary. “World leaders would have confidence in him,” he said — as if conferring the Warren Buffett Good Housekeeping Seal of Approval on Dimon will be enough to keep “world leaders” in Greece, Spain, Italy, and other countries — including the U.S. — from spending their way into bankruptcy.
I canceled my subscription to Fortune several years because I had tired of seeing his face on so many fawning cover stories… and had wearied of his habit of addressing every question as if he were the infinitely wise Alec Guinness playing Obi-Wan Kenobi in Star Wars.
To his credit, Guinness was no fan of the character he created — as Buffett so plainly is. When a small child told Guinness that he had seen Star Wars 100 times, the great actor replied that he would give him an autograph if he promised never to see it again. Perhaps he was not displeased to see the spoiled kid burst into tears. Guinness also claimed that he tried to get the screenwriter to plan an early death for Obi-Wan Kenobi. Finding the Star Wars movies “banal” and “mumbo-jumbo,” he said in his autobiography that he threw out all the Star Wars-related fan mail unopened.
But the 82-year-old Sage of Omaha isn’t about to hang up his light saber any time soon.
So after two years of having to listen to Barack Obama spout off about “millionaires and billionaires,” the president’s favorite billionaire is back on his soap box — calling for more taxes and more government. Said Buffett in the New York Times:
So let’s forget about the rich and ultrarich going on strike and stuffing their ample funds under their mattresses if — gasp — capital gains rates and ordinary income rates are increased. The ultrarich, including me, will forever pursue investment opportunities.
And, wow, do we have plenty to invest. The Forbes 400, the wealthiest individuals in America, hit a new group record for wealth this year of $1.7 trillion. That’s more than five times the $300 billion total in 1992. In recent years, my gang has been leaving the middle class in the dust.
But his “gang” — to use Buffett’s word — was never anywhere close to being in the same neighborhood with the middle class to begin with — having an average net worth back in 1992 of three quarters of a billion dollars. In campaigning to increase taxes on sole proprietors and “S” corporation with “pass through” income of starting at $500,000, Buffett is swinging his light saber at millions of entrepreneurs and small business owners.
They are going to hurt — and so too are millions of others who rely on those same people for their jobs and income. Will small business owners be as keen to reinvest their money in expanding their businesses after a whooping series of tax increases? No. As the old saying has it: Any time you tax something, you get less of it.
About the Author
Andrew B. Wilson, a frequent contributor to The American Spectator, writes from St. Louis.
Letter to the Editor View all comments (50) | Leave a comment
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spike59| 11.28.12 @ 6:15AM
"And, wow, do we have plenty to invest. The Forbes 400, the wealthiest individuals in America, hit a new group record for wealth this year of $1.7 trillion. That's more than five times the $300 billion total in 1992. "
-------------------------------------------
soooooo....if we confiscated ALL the assets (not their annual income, mind you, but everything they own) of the EEEEEEEEVILLLLLLLLL Forbes400, we'd be able to cover a bit more than 1 year of ObaMao budget deficits?
sounds like a plan, right, Lefties?
Now then...how about a big car wash to cover the rest? Or a lemonade stand on Pennsylvania Ave?
Doctor_X| 11.28.12 @ 8:08AM
Spike59
Why not grab all the money in 401(k)'s and IRA's? That should cover at least a few more months of spending. Those greedy people who think social security won't be enough for them how dare they save on thier own and not allow the government to provide for them! Evil they are!
CJW| 11.28.12 @ 8:29AM
Doc
Watch what you say. Some Dems proposed a bill to roll you IRA/401k into Social Security so you would receive a "higher" SS benefit. Do not know if it was introduced.
Von Mises Jr| 11.28.12 @ 8:54AM
This was done in Argentina in 2008 and Kirchner was re-elected. But don't be fooled. Obama is already talking about a National Retirement Plan. This is the same game he played with stealing $716B in Premiums that we paid in over decades to Medicare that now will be given to the Mexican Illegal who is young and healthy enough to pick Obama's Arugula.
It does not matter to socialist that the average American earning $50K in today's dollars (plus employer contributions) working 40 years paid a net present value of $248K into Social Security and $58K into Medicare.
It is time for some to step away from the table so Van Jones can seat migrant workers who vote Democrat at the table to eat out our $306K in alleged Contributions.
But if you steal from Peter to pay Pedro’s, you can always count on Pedro’s vote.
Bill Hussein O'Stalin| 11.28.12 @ 6:25AM
You would think if Warren Buffett was serious about taxes he would direct his companies to pay back taxes, some of which are owed back to 2002. The figures range up to over 330 million for one company.
The Buffett companies make a mint off of government regulations, i.e., the death tax, so it's little wonder he's promoting higher taxes because, in effect, he's simply promoting himself.
He has the knack for jumping in and using his own brand name to buy stocks right before the government propped many of those institutions up during the financial crisis during 2008.
In short, Buffett is a billionaire welfare queen, manipulating the markets to make billions overnight. However, he gets a free pass because he calls for higher taxes. It's ingenious but many do it do they can fly under the liberal radar while cashing in big at the government teat.
Bob K| 11.28.12 @ 10:02AM
If Obama came out for a tax on wealth he would be singing another tune!
Let's hear what he says when Democrats bring up raising the Federal Inheritance Tax.
Tom Kyba| 11.28.12 @ 10:29AM
Right on the money(no pun intended) Bill. A higher personal tax rate would mean nothing to crony capitalist Buffet. What a disingenuous piece of garbage this man is. Nothing but another Soros making millions by manipulating millions. Now if Miss Muffet was a conservative, how much would you bet that the MSM would have gone over his financial history with a fine tooth comb and have already discredited him?
Darin| 11.28.12 @ 6:26AM
Warren Buffett doesn't want others to benefit from the tax breaks he used to make billions. In other words, "I'm on top, and no one else is allowed." He's a greedy, self-serving individual. If he really cared about anyone, he'd champion government getting out of the way so people can succeed and enjoy the fruits of their labors. Instead, he's all about making a name for himself.
PolishKnight| 11.28.12 @ 10:11AM
It's the same with Bill Gates Sr. He runs a law firm that specializes in helping the rich avoid capital gains and the death taxes. They smurf the assets around. It's not terribly difficult. Transfer the funds to several small corporations and trusts that you still control but no longer technically own and whala! "You" become immortal and these magical fairies give you and your descendants unlimited income for years to come.
But sure, heck, let's call the old man's bluff. Set the "millionaire" tax for actual millionaires, period and kill the smurfs. If the Republicans are told to compromise, make that the compromise. Then watch the left squirm. But it won't happen. The Republicans throw us under the bus and then wonder why we don't show up to vote to help them negotiate. I'm reminded of the slimey noblemen in Braveheart commanding the peasants to fight so the noblemen could get more lands. Let Longhanks string 'em up!
Occam's Tool| 11.28.12 @ 10:51AM
Wealth tax on anyone worth more than 10 Billion. 10% on each Billion over 10 Billion. That way, Warren would get his. Oh, and no access to US Markets if you give up American citizenship.
PolishKnight| 11.28.12 @ 11:50AM
The problem with that OT, is that as I said, the wealthy can smurf stuff around. The move their smurfberries to different smurf houses and eventually, we're all smurfed!
Joellen| 11.28.12 @ 7:20AM
One word describes Buffett - HYPOCRIT! For those like purp and ralphie - look up the definition, that's your team in capital letters.
CJW| 11.28.12 @ 7:27AM
Joellen
I agree.
Buffet complains that his tax rate is the 15% for capital gains/dividends. But he can write a check to IRS for any amount he wishes. I often say this to my lefty friends who say the tax rates or low. They always reply they will pay more only if everyone else does, which tells you they are not interested in "helping" but in forcing others to pay.
Hypocrites like Buffett, Gates, and the rest of the limo liberals create foundations so they can direct how their money is spent. Their conduct proves they do not trust nor approve of the government's spending.
BTW, I believe ralphie is one of purpie's handles.
Von Mises Jr| 11.28.12 @ 8:59AM
Buffet is still contesting $1B in back taxes. When the old bastard dies, he leaves his fortune to a Charity, not government. That is hypocrisy!
Warren Buffet takes us for buffoons. He lent Goldman $1B right as the bailouts came gushing through to make sure he got his principle and interest payments. He lent BOA $5B with an 8% vig.
If I were an 82 year old fascist, I would be worried about Judgment Day. The old bastard is not happy with being third richest man in the world. He wants to run our damn lives and children's futures from the grave.
TLP| 11.28.12 @ 10:39AM
Who wants to tell Joellen that she Mispelled Hypocrite?
Cause, I don't have the heart to.
Von Mises Jr| 11.28.12 @ 11:09AM
I thought that is what we have Perp for? He is one dumb SOB, but he does know how to use Spell Check.
And be nice to Joellen. She makes perfect sense even if she missed using the spelling and grammar feature.
Joellen| 11.28.12 @ 1:22PM
Hey I admit I am the worse spelled kinda like Biden. Thanks for having my back.
Joellen| 11.28.12 @ 1:24PM
Thats speller!
TLP| 11.28.12 @ 3:20PM
No comment.
lost| 11.28.12 @ 10:36AM
Actually he is not a hypocrite, He is competing to be the richest and by putting up road blocks like higher taxes it makes it harder for others to pass him in the race to be the richest.
TLP| 11.28.12 @ 10:41AM
I think you're right.
I saw him on the TV the other night, and he was trying to get his ASS through the Eye of a Needle.
Good luck with that, Warren.
And, have fun in Hell.
GobBluthe| 11.28.12 @ 7:21AM
No only the most irritating but also the most overrated. What has he ever created? He is like a less evil version of soros. Notice these guys make the money off investments. Never off creating something , a product or an idea. I think their guilt drives them to the left. They aren't creators. They are speculators.
Kwan| 11.28.12 @ 7:25AM
It would seem that as Warren enters the blithering idiot stage of his life, performing as a court jester for Obama and the left is his new purpose in life. As senility begins to shut-down Warren's grasp of reality he is now finally seeing that Obama and Karl (Marx) were right, that the motivating force of capitalism is the exploitation of labor. Court Jester Warren Buffoon tells us that if the exploiters (business owners, capitalists) would just hand over more and more of their wealth to Obama and the commiecrats to waste on social justice redistribution schemes, we could finally enter that promised land of Hope and Change that Obama promised us back in 2008.
TLP| 11.28.12 @ 10:43AM
He is the King of Useful Idiots.
Again: Have fun in Hell. I hear it's Hot this time a year.
PJ| 11.28.12 @ 7:27AM
Warren Buffet & George Soros: 2 miserly, perverted-caricutures-of-human-beings, billionaires who need to cork it! I'm getting tired & bored of their publicized infernal advice that only benefits themselves & obviously not the rest of us who can only gape in utter disbelief.
Albert Constantine Jr.| 11.28.12 @ 7:37AM
Class warfare as a tactic would be less objectionable if it was only directed at Soros and Buffett.
Speaking of victims of warfare and writers from St. Louis, I haven't seen anything from Christopher Orlet in weeks. I wonder if he has been wounded in one of the internecine gun battles between the gangs and thugs in his transitional neighborhood there?
nathan| 11.28.12 @ 7:48AM
Buffett fights with the IRS all the time. Those battles were legendary and he fought them for EVERY thin dime. And you had to love him and Gates where it came to the estate tax. They both argue in favor in big rates. The problem is their estates won't pay it. Look at how their estates are structured. Virtually all of their funds are in tax exempt foundations and other places shielded from IRS. When they both go the amount of their estates subject to the taxes is next to nothing. If they really believed in the estate tax they would let their entire estates be subject to the tax first and then give the remainder to charity. Not these guys. Amazing hypocrisy. On taxes you can't take either of them seriously.
Sjccoach| 11.28.12 @ 8:00AM
By their fruits you shall know them. You judge a hypocrite like Buffett by his actions not his words. If he truly believed in what he said he would not be leaving the bulk of his fortune to charity. He should bequeath it all to his heirs and let the government take its fair share. This will never happen.
Pecos Pete| 11.28.12 @ 8:03AM
It is all about Fascism.
Von Mises Jr| 11.28.12 @ 9:02AM
You must be politically correct Pete. It is "crony capitalism" and by calling it by an erroneous name proves that free markets are BAD to stupid people like Perp who has his neurons short-circuited producing ad hoc, non sequitur logic.
SUBVET| 11.28.12 @ 12:39PM
Pete........in english it's called.....CONTROL
West Houston| 11.28.12 @ 8:32AM
Apparently, Warren has forgotten that, before he paid 15% on his dividends, he paid up to 35% in corporate taxes on the profits whence came those dividends. I very much doubt that his secretary pays a larger combined total percentage.
So, why this amnesia? I suspect it has something to do with the $2 Billion he is said to owe to the IRS and his desire to keep transporting Canadian oil on his railroads.
kurt2022| 11.28.12 @ 9:16AM
I have no compassion for money junkies like Soros and Buffet, I believe the world would be a much better place if both were gone! I wonder how many small to mid-sized businesses have been ran out of business by these money grubbing, monopolizing mongrols, aka CHINA-MART(wal-mart)! I feel I'm as conservative as it gets, but these kind of people are a plague to all the hard working common men and women!
sdfhlk | 11.28.12 @ 9:17AM
Omaha,he is so nice with his heaviours
Whig| 11.28.12 @ 9:46AM
Buffet makes a lot of money through his insurance group. They sell annuities and life insurance to small business owners to give tax sheltered income and to pay for estate taxes. In essence, he gets his take from helping others avoid the taxes that he advocates.
Maxwell| 11.28.12 @ 9:47AM
Hay, Buffet, how about we structure your tax this way.....insist on a property/asset tax on ALL non manufacturing/farming/transportation assets over $10 million to include trust funds and all stocks. Lets make the rate a low 10%.
Bob K| 11.28.12 @ 10:09AM
That sounds like a tax on wealth. With some exemptions.
Maxwell| 11.28.12 @ 10:19AM
Bob K, well, I'm trying. Guess I'm a better programmer than tax person.
Stormy| 11.28.12 @ 10:04AM
Easy for an old fool like him to say raise the tax rates. All he has to do is take his money off-shore. A man who uses every tax dodge he can find gladly pays all the tax he can. NOT.
Datsun 2000 Mark| 11.28.12 @ 10:23AM
Buffett is going after is future competition by getting his *friend* obama to raise taxes on the middle class business owners ($250K and up). Wouldn't IBM have savored the opportunity to destroy those two guys working in the garage in Mountain View Ca.
Grzmlyk| 11.28.12 @ 10:33AM
He has no scruples; he's lying, he knows he's lying and he's doing this to ingratiate himself with the regime and remain a folksy hero in the current zeitgeist. He knows damn well he doesn't pay less in taxes than his secretary, and, for that matter, he still owes $1 billion in taxes which he refuses to pay.
The truth is that, like all good socialist democrats, he does everything he can to minimize his own tax burden - but in this day and age, lip service is what counts, not truth.
Utter phony - which is why he's a hero to the left. There is no better example of America's embrace of the phony facade of compassion while ignoring the utter greed, malevolence, envy and corruption that lies beneath that cheap coat of paint.
Goldwater Girl| 11.28.12 @ 10:35AM
Buffett complains that he pays too little tax, meanwhile, disputing the actual tax he owes. He has every right now, to pay more to the US treasury. I call BS on this phony old man.
Anthony| 11.28.12 @ 10:40AM
Memo to G*d:
It's time for the Omaha sage to start pushing up Omaha sage brush.
Dave Williams| 11.28.12 @ 1:12PM
Although I'm an atheist, I've always loved the saying "If you want to know what God thinks of money, look at the people he gives it to." Buffet is a complete horse's patoot...a Kardashian with slimmer hips.
Bernfp| 11.28.12 @ 1:54PM
The big question for Buffett - if the government spends tax revenues wisely, why are you putting your money into a foundation? He's a big talker but his actions don't mimic his words. In other words he's a wealthy charlatan.
Ginger| 11.28.12 @ 1:57PM
Right on, Right on!! When I hear him I wonder who died and made him "God" of what is right for this country.
Ronsch| 11.28.12 @ 4:52PM
Well, if Buffett wants to put his money where his big mouth is, then just sign everything over to .gov, and then he can live on foodstamps, SS, Medicaid, and carry a NerObamaphone around with him.
Joe D.| 11.28.12 @ 5:03PM
Warren does this because it is all about him. He wants to look good while stopping others from getting what he has. He knows his company well position will benefit from any increase in taxes. This man, is a con-man like our president.
Tell Warren to give the government his $40 trillion dollars and shut up and leave the rest of us alone.
bison cookie| 11.29.12 @ 7:40AM
FIVE NEW OBAMACARE TAXES COMING JANUARY 1. 11/28/12 Although some of the "fiscal cliff" taxes can be avoided through a deal made in Congress, new ObamaCare taxes are guaranteed to kick in on January 1, amounting to $268 billion tax hike. From Americans for Tax Reform: The Obamacare Medical Device Tax – a $20 billion tax increase: … READ MORE: http://bwcentral.org/2012/11/f.....january-1/
Intelligent Design| 12.1.12 @ 6:18PM
Every increase in taxes results in a reduction in private property, and freedom.