MATT LAUER, TODAY: So bottom line, would raising taxes on the wealthiest Americans have a chilling effect on hiring in this country?
WARREN BUFFETT: No, and I think would have a great effect in terms of the morale of the middle class, who have seen themselves paying high payroll taxes, income taxes. And then they watch guys like me end up paying a rate that’s below that, you know, paid by the people in my office.
Eat the rich!
Bill Whittle’s Firewall covers the practical problems and why it makes no sense even if the arch-left got everything they want – even if everyone was liquidated, it wouldn’t work:
Though that’s from last year, it’s worth noting that blaming “the rich” is sure easy to do.
Seeing as how Warren Buffet is a multi-billionaire, his idea of pushing for a higher income tax would hurt up-and-coming businesses – not Berkshire Hathaway, which unless you’re rich, you can’t even buy a real share of – is only going to act as a barrier to entry for new businesses. This is just good ol’ crony capitalism. The ultra-big business makes deals with government that make it more difficult for new businesses to threaten them. This is why, for example, Obamacare affects companies with 50 employees. It keeps small business small, while big business gets a waiver. The business currying favor with the government gets to use the government’s monopoly on force against the up-and-coming business, making sure they never make it up.
Warren Buffet will never find his wealth taken away anyway, and whatever he earns in income from a salary or wages is meaningless. He earns money from investments and capital gains. The small husband and wife business that does $300,000 and that they file together suddenly becomes the target as “the rich”. He wants to raise income tax on those people as a means to crush them, and prevent them from getting to where he is. As the expression goes, he’s pulling the ladder up behind him.
The left loves wealth. Obama’s rich, Boxer, Feinstein, Edwards, Durbin, Schumer, the Kennedy clan, Kerry, the Clintons, and so on and so forth are all incredibly rich. Boxer made money on oil which she then pushed to tax, Feinstein made money by steering government contracts to her husband (as well as other investments), John Edwards made his in frivolous lawsuits, Kerry made his by marrying a billionaire, the Kennedys made theirs through bootlegging and influence peddling, the Clintons made theirs through criminal deals and now speaking engagements, and so on and so forth. They have their money, and they love it. They’re on top, and now they need to tell you how to live.
It’s also like Al Gore, who has a mansion, jets around the country, is a multi-millionaire set up to profit from a carbon exchange, and yet lives by none of his own rules. Because, you see, he’s too important.
Socialism is for the people, not the socialist. Taxes are for the people, not Warren Buffet.
They are the Ruling Class. You are not. And they set up institutions to keep things that way. But they want you to hate the “evil rich” as they hold you down – pitting you against your fellow Country Class citizens who are improving their own lot in life – and yours.
The greatest threat to the social order of the royalty of Europe were the rise of the burghers and merchants, who weren’t peasants or serfs tied to the land and owned by their lord, nor nobility.