IT WOULD APPEAR THAT OBAMA AND BUFFETT HAVE A DIFFERENT DEFINITION AS TO WHO IS CONSIDERED RICH AND WHO SHOULD BE PAYING MORE TAXES.
How disingenuous is President Barack Obama on jobs and the economy? Even billionaire Warren Buffett does not endorse Obama’s “Buffett Rule”. Buffett was not referring to individuals making $50 millions, he was referring to ultra-rich. As Buffett said, he was only referring to about 50,000 people … not Americans who make $250 K a year. Heck, Buffett does not even think those that make $50 million a year are rich.
From Real Clear Politics:
CNBC: “Are you happy that the way it is being described. Is the program that the White House has presented a million dollars and over your program? ”
Warren Buffett: “Well, the precise program which will — 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 pay a very low tax rate, like me, it would be changed by a minimum tax that would only bring them up to what other people pay.”
CNBC: “Does that mean you disagree with the president’s new jobs proposal which would be paid for by raising taxes on households with incomes of over $250,000.”
Buffett: “That’s another program that I won’t be discussing. My program is to have a tax on ultra-rich people who are very tax rates. Not just all rich people.
However, in typical fashion, Barack Obama has taken a plan form someone and “bastardized” it. Because I always get $250,000 and $500,000,000 confused all of the time. Buffett never intended to tax millionaires more, he was referring to a select group of ultra, ultra rich … but Obama never met a tax increase he didn’t like and looks to put indivuals who make $250 K in the same class as the uber-rich.
UPDATE I: This post was done after the Buffett fundraiser that is referenced in the above VIDEO. Needless to say the fundraiser was a bust and described as a disappointment.