Warren Buffett seems to be overcome with grief over his good fortune and is now in full self-flagellation. As is always the case with Liberals, his flogging just might kill us all even though we are innocent bystanders. The man hates wealth, and it makes perfect sense that he and Obama have fallen in love with each other. It also makes perfect sense that Buffett has not donated some of his $50 billion to the U.S. Treasury, because guilt only goes so far, apparently.
But back to his self-hatred.
Just look at this quote from Buffett about Mitt Romney’s wealth and tax rate:
“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.” <source>
WHAT?? So the only morally legitimate way to earn a living is to clean toilets? Is Buffett against all careers involving knowledge? If we don’t physically “strain our backs”, are we morally bankrupt?
And let me clear this up for those whose hearts ache over Romney’s low effective tax rate: there is a difference between the “income tax rate” and the “capital gains tax rate”, and this is intentional in the tax code because the capital gains tax rate is meant to encourage risk-taking (investment) in the economy and so it is set at a lower rate than the income tax rate. Wealthy men like Romney end up having much more investment income than “salaried” income, and so their overall rate is lower.
But Marxist Obama, and Warren Buffett, would have you believe that the wealthiest among us are getting away with earning salaries with tax rates that are half as much as the rest of us. This is FALSE and MISLEADING.
A Simple Story
Here’s a simple story to make it even more clear: an entrepreneur starts a business and needs investors to get it off the ground. Wealthy people could leave their money in the bank, or risk some of it by betting on startup companies. That tax code is structured so that if the wealthy person’s investment in a startup ends up being worth millions, the investment gain will be taxed at a much lower rate than if such millions had been earned through salaried work. This makes sense if (a) you realize that the capital invested has already been taxed once as income, (b) we as a society want our entrepreneurs to get funded so that they can grow businesses and hire a lot of workers, and (c) we want those with wealth to risk it in new ventures rather than leave it in the bank or in Switzerland.
It is estimated that nearly half of all jobs in the USA are made possible by very small businesses. But even big businesses need capital to grow, and so investment capital in businesses of all shapes and sizes is the great engine of capitalist wealth creation.
It is pure demagoguery to demonize those whose incomes are heavily weighted towards investment income. Their taxes are lower overall by design, and it is a good design. An essential design.
Unless we all want to be living in grass huts with mud floors. Or unless we want to destroy the United States.
Buffet does not even clean his toilet himself after a binge at the casino buffet. He is a hypocrite like most of the liberal left. He must have worked at some point in his life but to put down another for making a living and succeeding in life…Well old Warren is nothing more than a putz with a train set.
The republican controlled House of Representatives has shot down every effort by the Senate and the Obama administration to raise taxes on the wealthy. Yet the commentors here always blame the President and Congress in general. You will never earn a decent wage, have affordable medical care or a house to live in as long as you support this corrupt, morally destitute GOP. This is not the GOP, Ike knew in the 1950s. Romney is not the Great White Hope for America. The only thing he cares about is making money for himself and his church and if that means investing in China, so be it. Go ahead and take your shots now, but start getting use to minimum wage jobs with no benefits. They are coming.
President Obama is many things but a socialist and/or Marxist he is not.
The Republican House is doing exactly what they were elected to do: stop Obama from destroying the country further after his disastrous health care overhaul. Raising taxes on the wealthy is the most spiteful and base instinct there is, and it’s not what made America great. A flat tax is the only moral tax, and that is the solution to what ails the nation.
If I had the know how to make my money by moving big piles of it around I would have done it already. I do not see how I can find fault people who have found a more lucrative way to support themselves than the one I have chosen.
Well said, Chad.
Right, and jealousy of others is not what made America great. Begrudging the wealthy their investment income is mindless given that capital is as precious a commodity as oil and water. Without invested capital there can be no wealth, and with no wealth there can only be starvation, misery, and death.
WHAT?? So the only morally legitimate way to earn a living is to clean toilets? Is Buffett against all careers involving knowledge? If we don’t physically “strain our backs”, are we morally bankrupt?
Wait a minute. Didn’t Newt get hammered for suggesting that some people need to clean toilets and mop floors to understand work ethic?
And for UNeverKnow – Here’s how your much loved president helps the economy.
http://abcnews.go.com/WNT/video/us-bridges-roads-built-chinese-firms-14594513?tab=9482930?ion=1206853&playlist=14594944
Great point about the Newt janitor comment! I had forgotten about that.
The Liberals that whine the most seem to be the most clueless and ignorant on how the government “sells” favorable tax rates to encourage and support investment. They don’t see math, they only see “fair”. I’m in the middle of a back-and-forth argument over this with an idiot over at another blog currently regurgitating Michael Moore’s “things were great when the rich were taxed at 90%” line. I reminded her that capital gains taxes were 65% less at that time (http://www.ctj.org/pdf/regcg.pdf) and then proceeded to ask her how someone could wish for those days to return when the conditions that allowed those rates to be possible – specifically the government and industry’s lack of global competition and velocity of cashflow at the time – would literally wipe out entire industries overnight if they were somehow reintroduced today.
Their hate of capitalism and their refusal to let simple math interfere with their social agenda prevents these “Fair Share” liberals from seeing exactly where their utopian ideals will send this country. For those who don’t know the answer already, it’s exactly where liberals send virtually every single private business they get their hands on to – into the ground.
I say “fine”. Tax us at 90% and transfer all the wealth we make “back” into these idiots’ hands. We’ll have it all back within a year, anyways, when these “Fair Share” losers moth back to the flame that somehow salaries = safety and consumerism = bliss. This time around, however, hopefully we’ll have some sort of Galt-like lesson ready for them that will perhaps this time hit hard enough so that they finally get a clue.
Nice!! Glad you are bringing the pain to these mindless arguments. I agree completely with your observation that America had many markets to itself for a long time and that this is no longer true. And of course your point about Liberal obsession with utopia is right: it leads them to madness (with envy and jealousy along the way).
[...] | Leave a comment This is more/less a repost from two comments I’ve made on other blogs (“Warren Buffett hates himself and if you’re rich, he hates you, too” on SASOC, and Why I Will Not Vote for Newt” on ROAR, and since I’m sure [...]
I volunteer to accept funds from Mr. Buffet, to help alleviate him of any pain cause by his fat wallet.
He should sponsor a soup line, an instead of serving soup he should serve bushels of $100 bills…