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Warren Buffett: I Don't Fully Support 'Buffett Rule'

submitted by blankfist

1 decade 2 years 7 months 2 weeks ago

Key Buffet quotes:

"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 they pay a very low tax rate, like me, it would be changed by a minimum tax that would only bring them up to what the other people pay."

"My program is to have a tax on ultra-rich people who are paying very low tax rates. Not just all the rich people. It would probably apply to 50,000 people in a population of 300 million."

9 Comments

*promote patriotic millionaires and billionaires.

Self promoting this video and sending it back into the queue for one more try; last queued Friday, September 30th, 2011 11:07am PDT - promote requested by original submitter blankfist.

shponglefan says...

Ugh, horrible interviewer. Just fishing for soundbites, good for Buffett not to bite.

TLDR: Lump capital gains together with personal income for the purposes of personal income tax, and voila.

>> ^shponglefan:

Ugh, horrible interviewer. Just fishing for soundbites, good for Buffett not to bite.

True enough, but also important to answer if you like that particular piece of legislation as well. You can support immigration reform and think McCain Reform bill sucks donkey balls, without in turn thinking immigration reform is a bad idea.

fairly certain the interviewer is Andrew Ross Sorkin, journalist, columnist, and author of the book, Too Big To Fail.

>> ^shponglefan:

Ugh, horrible interviewer. Just fishing for soundbites, good for Buffett not to bite.

dystopianfuturetoday

Interesting that the title of this video has nothing to do with the content of the video. I guess some people just hear what they want to hear.

Confirmation bias: http://en.wikipedia.org/wiki/Confirmation_bias

jokingly says...

Reporter: Have you examined every line of these proposed bills?

Buffet: Dammit Jim, I'm a doctor, not a congressmen! I like to keep an ear to what happens in Washington, but I have a business to run.

Essentially all we need is to eliminate the double standard in which short term capital gains are taxed as ordinary income and long term capital gains are taxed at 15% no matter how much you make. Tax it all as ordinary income.

Discuss...

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