Monday, January 23, 2012

Warren Buffett Gets it Right Again--He Blames the Tax Code Not Romney

Bloomberg News just reported on an interview today with Warren Buffett. He echoed his earlier sentiments about how the rich should be paying a higher rate of tax.

While some may take it as a swipe at Mitt Romney, Buffett put himself in the same category. Buffett said that the tax rate that he pays along with Romney comes reflects “poor laws rather than failings by the candidate…”

John Boehner probably classifies Romney and Buffett as “jobs creators” who should pay even less than they are now. But, a guy who can buy and sell Mitt Romney 25 times over says otherwise.

Buffett is kind of like the old fashioned ads from E.F. Hutton. When he talks, people listen.

Here’s the full article from Yahoo News and Bloomberg:

Buffett Blames Congress for Romney's 15% Rate
By Andrew Frye and Andrea Ludtke Bloomberg – 5 hours ago
Warren Buffett, the billionaire calling for more taxes on the rich, said Mitt Romney's U.S. tax rate of about 15 percent reflects poor laws rather than failings by the candidate for the Republican presidential nomination.

"It's the wrong policy to have," Buffett told Bloomberg Television's Betty Liu in an interview today. "He's not going to pay more than the law requires, and I don't fault him for that in the least. But I do fault a law that allows him and me earning enormous sums to pay overall federal taxes at a rate that's about half what the average person in my office pays."

Buffett, chairman and chief executive officer of Berkshire Hathaway Inc. (BRK/A) , supports Democratic President Barack Obama and said Congress needs to raise taxes on the wealthiest Americans to close the budget deficit. Romney has agreed to release his 2010 tax return tomorrow, under pressure from Republican opponents, after saying he pays about 15 percent. Romney co- founded Boston-based private-equity firm Bain Capital LLC.

"He makes his money the same way I make my money," Buffett said. "He makes money by moving around big bucks, not by straining his back or going to work and cleaning toilets or whatever it may be. He makes it shoving around money."


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