Business

Did Warren Buffett Just Blast Obama‘s ’Buffett Rule’ & Tax Philosophy?

Warren Buffet just went on CNBC to talk about everything ranging from Obama’s jobs plan to the much touted “Buffet Rule.”

However, during the exchange between Buffet and CNBC’s Andrew Ross Sorkin, something happened that has some critics wondering if the Berkshire Hathaway CEO might have just thrown “Obama under the bus.”

Eric Cantor’s communication director Brad Dayspring, for example, has been tweeting nonstop since the conversation occurred:

Excuse Me: What Did Buffett Just Say About the Buffet Rule on CNBC?Excuse Me: What Did Buffett Just Say About the Buffet Rule on CNBC?

On his YouTube channel, Rep. Eric Cantor (R-VA) is using the CNBC clip, claiming that it shows that “Warren Buffet Seems To Disagree With President Obama’s ‘Buffet [sic] Rule’,” and that he “refuses to endorse the President’s Jobs Bill.”

To this, Mediate’s Tommy Christopher responded: “Unfortunately for Cantor, there’s no ‘there’ there, as Buffett tells Andrew Ross Sorkin that he hasn’t seen all of the details of the President’s plan, so he doesn’t really know if he agrees with all of it. Stop the presses!”

“Characterizing Buffett’s very supportive statements as a ‘refusal to endorse,’ then, is about as fair as saying, ‘Eric Cantor Opposes Reading Bills Before Deciding On Them!’” he added.

Still, it is worth pointing out that Buffett stressed multiple times that he’s not for raising taxes on all the rich, at one point saying, “my program would be on the very high incomes that are taxed very low – not just high incomes, not just some guy making $50 million playing baseball, his taxes won’t change.”

Not just high income?

Watch the video here. The interesting moments begin at 2:22:

Andrew Ross Sorkin: Are you happy you said yes [in reference to the Obama administration approaching Buffet to seek permission to use his name]?

Buffet: Sure, I mean, I wrote about it.

Sorkin then asked if Buffet agreed with Obama’s tax plan.

Buffet: I don’t know what their program will be. But my program would be on the very high incomes that are taxed very low – not just high incomes, not just some guy making $50 million playing baseball, his taxes won’t change. Make $50 million appearing on TV, 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.

ARS: Does that mean you disagree with Obama’s new jobs proposal which will be paid for by raising taxes on taxes on houses with incomes over $250,000?

Buffet: No – that‘s another program that I won’t be discussing. My program is to have a tax on ulta rich people who are paying very low tax rates, not just all the rich people, and it would probably apply to 50,000 people [emphasis added].

ARS: That means you disagree with the president?

Buffet: No no, you may disagree, but … I will look at the overall plan that gets submitted to Congress, which they are voting on, and decide . . . do I like it, or do I not like it.

“And there’s no question there will be parts I disagree with,” Buffet said.

ARS: But are you a supporter of his jobs program right now?

Buffet: I am a supporter of the action he’s trying to get Congress to join him in taking to really do something rather than sit there and go in different directions.

ARS: But you agree with all the details?

Buffet: I haven’t looked at all the details.

At first Buffet said he would not comment on it, and then he said he would look at the final plan that was proposed to Congress and make his decision after that.

In the words of Business Insider: “So he didn’t throw Obama under the bus – he straddled both sides of the road – but it sounds like he might not endorse the tax plan that Obama asks Congress to support.”

Even if that’s not “throwing Obama under the boss,” that’s still big.

Comments (80)

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  • Skan
    Posted on September 30, 2011 at 4:35pm

    Why doesn’t the old koot lead by example. Take out your checkbook, Buffy, and write the dam check. No one is stopping you or any of your cronies from paying much more (their fair share) Stop preaching and get moving.

    Report Post »  
    • mwhaley
      Posted on October 1, 2011 at 10:23am

      He is right now paying attorneys millions to keep from writing a billion dollar check for his taxes he has not paid in years.

      Report Post »  
  • Marnin
    Posted on September 30, 2011 at 3:56pm

    Do any editors at the blaze actually know the difference between something you eat (buffet) and Warren’s actual last name (Buffett)?

    Report Post »  
    • kindling
      Posted on September 30, 2011 at 10:18pm

      Sure they do….I hear them making fun of it all the time. Why would you think they don’t?

      Report Post » kindling  
    • Marnin
      Posted on September 30, 2011 at 11:40pm

      maybe because other than the headline they keep referring to him as Warren Buffet?

      Report Post »  
  • Constructionist
    Posted on September 30, 2011 at 3:23pm

    Hmmm…. Buffett says that according to ‘his plan’ people making $50 million a year don‘t qualify as ’rich’, or qualify for the higher tax rate. It seems like someone in the White House just slapped a ‘Buffett sticker’ on a crap WH policy to make it sound better.

    Remember, it’s not Obama raising your taxes, it’s the “Buffett Rule”; Avoid personal responsibility at all costs.

    Report Post » Constructionist  
    • svedka
      Posted on September 30, 2011 at 11:10pm

      If 50 million in one year is the cut off someone better go tell auntie obama that the rooster aint crowin because he was talking 200 K for a family. He is trying to foment riots that is what he is doing.

      Report Post » svedka  
  • jdawg
    Posted on September 30, 2011 at 3:23pm

    Buffet’s just playing CYA, trying to have it both ways.

    http://www.examiner.com/conservative-in-spokane/does-warren-buffett-disagree-with-the-buffett-rule

    Report Post »  
  • CROPDUSTER
    Posted on September 30, 2011 at 3:20pm

    IN RESPONSE TO THE EMAILS CONCERNING MY DOG… Please be advised I am sick and tired of receiving questions about my dog who bit six people wearing Obama tee shirts, four Democrats wearing Pelosi tee shirts, nine teenagers with pants hanging down past their cracks, and three flag burners. FOR THE LAST TIME…MY DOG IS NOT FOR SALE !!!

    Report Post »  
  • georgiavietvet
    Posted on September 30, 2011 at 3:19pm

    there are two categories of people who should get help from the gov’t. the first is people who are truly disabled, either physically or mentally. i believe we need to do a much better job of screening those applying for disability to eliminate fraud. i once new a man who was rated 100% diabled because he was an alchoholic. that kind of thing is just not acceptable. on the other hand, i have a sister in law who has bipolar disorder resulting from severe child molestation, who is living on social security disability of about $800.00 a month. that is her only income other than help from the family, which doesn’t amount to much. that case is justified in my opinion. the second category is those who have worked all their lives but never made enough money to have any savings or other income. they have earned the right to some help from the gov’t. most of the people that i know, who are drawing s.s. are just getting by with nothing extra. i know one couple who recieve about $2000.00 a month. after they pay all the bills out of that, including medications gasoline and groceries. they have $28.00 left. if there is any kind of emergency, they are pretty much stuck. every one else on the gov’t dole should be removed and told to get off their behinds and do something to be productive and earn a living. one other group of people deserves some help in this present economy. those who are actively seeking work and can prove it……………………………….

    Report Post »  
    • el thinko
      Posted on October 1, 2011 at 1:48pm

      My take home is less than $2000 a month and I raise a family. I don’t want or expect a cent from the government. I’ve made my choices and live with them. Your narative sounds like the “compassionate conservatism” that I find disgusting, unconstitional, unsustainable and unamerican. There, I said it.

      Report Post » el thinko  
  • Zorro1
    Posted on September 30, 2011 at 3:05pm

    Let’s see … Is it that “There’s no fool like an old fool”
    or, is it …
    “There’s a method to his madness”?

    Report Post » Zorro1  
  • JQCitizen
    Posted on September 30, 2011 at 3:02pm

    Blaze, we are not waiting for Buffet to throw Obama “under the bus”. We’ll take care of that ourselves in 2012. Our concern should be monitoring the increasing stradegy of Obama et al, undermining or disrupting the elections.

    They REALLY DON’T CARE if they have MAJORITY SUPPORT as long as they can manage to have MAJORITY RULE; Get my drift?

    Report Post »  
  • theaveng
    Posted on September 30, 2011 at 2:53pm

    It appears he doesn;t want to change Income Tax.

    He wants to change the Alternative Minimum Tax so that rich persons who use lots of loopholes/ deduction will be forced to pay more taxes. Or possibly increase Capital Gains Taxes (stock profits) so that guys like Buffett will have to pay more.

    BTW Mr. Buffett, if you want to pay more taxes, you can. It’s called donation to the IRS and there is a blank box on your tax return to fill-in any amount you desire!
    .

    Report Post »  
    • The-Monk
      Posted on September 30, 2011 at 4:34pm

      On page 133 of President Obama’s “The American Job Act”, Sec.376. states;

      “Abrogation of State Immunity- A State shall not be immune under the 11th Amendment to the
      Constitution from a suit brought in a Federal court of competent jurisdiction for a violation of this Act.

      A State’s receipt or use of Federal financial assistance for any program or activity of a State shall constitute a waiver of sovereign immunity, under the 11th Amendment to the Constitution…”

      Report Post » The-Monk  
    • babylonvi
      Posted on September 30, 2011 at 5:40pm

      Right, the “Law Professor”(not only was he not a real law professor, I don’t think he actually finished law school on his own) should know he can‘t pass a ’law’ that over rides the constitution. Of course, Barry doesn’t think much of the constitution either, nor the laws of the land as he continually makes royal decrees, I mean executive orders as he chooses to ignore or over ride these laws. Where is Judge Dredd when you need him.

      Report Post » babylonvi  
    • Amphorae
      Posted on September 30, 2011 at 10:27pm

      @BABYLONVI Although the 11th amendment provides a degree of sovereign immunity to prosecution by private parties, States may abrogate the privilege via waiver. Engaging in such is neither unconstitutional nor novel. Besides, I abhor any form of discrimination. Thus, I firmly assert an individual aggrieved as a result of being subjected to discrimination should be afforded due legal recourse and the consequential redress.

      Report Post »  
  • Zcat
    Posted on September 30, 2011 at 2:50pm

    Is this because people are demanding to see his tax returns! Pay those back taxes too! That would be a billion dollars, share your wealth idiot!

    Report Post »  
  • AnAmerican111
    Posted on September 30, 2011 at 2:38pm

    Buffet didn’t answer a single question!
    ……….I bet he is embarrassed to have his name on an OBUMA tax increase!..
    If not. He should be!

    Report Post »  
  • Obama_Sham
    Posted on September 30, 2011 at 2:30pm

    “Characterizing Buffett’s very supportive statements as a ‘refusal to endorse,’ then, is about as fair as saying, ‘Eric Cantor Opposes Reading Bills Before Deciding On Them!’”

    Eric Cantor may or may not oppose reading bills before deciding on them… However, the fact remains that Nancy Pelosi is OPPOSED to reading bills before deciding on them… Something like, We have to pass it before we can see what is in it…

    Poor choice of wording Tommy boy…

    Report Post » Obama_Sham  
  • crcitizen
    Posted on September 30, 2011 at 2:25pm

    I do not get what Buffett’s plan is the Super Rich, how many are there, he excluded $50,000,000, the Super Rich,,, how many people make a billion a year? two? Isn’t there already a ATM, Alternative Tax Amendment that kicks in a a certain point? So the super rich for Obamer is 200,000, 250,000 for a family, Buffett’s plan is for the super rich, and he wants 38% from the Super Rich? yearly, or just when they die? What exactly are the plans, and Obama’s plan is just Stim II, so we can spend more money on fantasy energy.

    Report Post »  
    • elrushbo
      Posted on October 1, 2011 at 8:53pm

      ,,,his point with the ballplayer making 50 million and not raising his taxes is because he’s already being taxed 45%….he wants to raise the taxes of those making 50 million who only pay 15% like himself…the problem is obama thinks anyone making 250 is a “millionaire”..

      Report Post »  
  • skitrees
    Posted on September 30, 2011 at 2:13pm

    What’s amazing to me, is that in America today, I feel that greed (defined by dictionary.com as: noun:
    excessive or rapacious desire, especially for wealth or possessions) is more prevalent in the poor class than the wealthy class.

    It is the poor class (as a whole) who are the greedy ones now. They want to be paid for not working. They want everyone else to buy their food. They want everyone else to pay for their “disabilities”, medication, healthcare, etc. They want us to pay for their poor decisions, their babies, their abortions, their transportation, etc. That, my friends, is the true definition of greed.

    On the other hand, the TRULY poor – the folks who have to work three jobs just to make ends meet, and who eschew government programs/help – they are the heroes who will be rewarded in a just society. Too bad just societies are extinct at present!

    From here on out, I’m always going to precede the word “poor” with “greedy.”

    Report Post »  
    • DanWesson455
      Posted on September 30, 2011 at 2:20pm

      Senile old basturd(sic) just doesn’t know what is what anymore. He took so much flak from his previous spouting off must be afraid to say the wrong thing again. He can just give me some billions and clear his conscience and I will become an ardent supporter of anything he wants to say.

      Report Post » DanWesson455  
    • commonsenseguy
      Posted on September 30, 2011 at 2:27pm

      i will disagree with one part, you said that the disabled are greedy, what, how do you get that, just because they can‘t work because of they were born with a server disability or were hurt so bad that they can’t work does not mean they are greedy, i have a friend who worked for 30 years,then was hurt severely on the job, it took about 10 years before the government would approve him for disability, he was not and is still not a free loader, he receives 635 dollars a month, no other assistance .yes there are some who can work that have had a doctor tell them they are disabled, but most are truly disabled, they should not be left out with nothing, it was not their fault and beside,i it was you, you would want some kind of assistance.not thrown out and left to survive with nothing and no way to get help,would you. so please don’t include the disabled in your list, they need our help,i would rather help them than the freeloaders who get free food, electricity,rent,cell phones,internet and whatever else that they can get with out having top contribute.

      Report Post »  
    • Obama_Sham
      Posted on September 30, 2011 at 2:36pm

      @Commonsenseguy

      True, there are those that are truly disabled and cannot work… But how many are claiming disabilities while not being disabled?!? How many have set up a system of fraud with their local doctors to say they are disabled?!? How many new “disabilities” come out each year that explains why a person is the way they are?!?

      I believe the O.P. was mentioning those with “disabilities” that are clearly milking the system in a fraudulent manner… I do not believe he meant those that are clearly disabled…

      Report Post » Obama_Sham  
    • commonsenseguy
      Posted on September 30, 2011 at 2:48pm

      @obama-sham, i hope so, and i agree that there are those who abuse the system, but under this administration ,and the people around him have help create the fraudulent system, and those who really need it have a really hard time getting help, if we can stop those thieves and stop those who help teach tehm how to abuse the system, then we might be able to help those who really need it.

      Report Post »  
    • READRIGHTHERE
      Posted on September 30, 2011 at 9:34pm

      There is another type of disabled that brings to the table a whole other set of questions. Those who pursued a lifestyle more likely to result in injury. Is it moral to require society to pay for one’s decision to “play” too hard, or to operate a vehicle/equipment under the influence? It gets murky when you examine the root causes of the disability. Do we establish a priority list? Is there something more intelligent than simply transfering funds? We all know there are the deserving disabled, but are there those whose families should shoulder the burden for encouraging wreckless behavior in their family members? Are those with disabilities morally required to contribute to society via any means possible? Aren’t there options? Not that everyone can be a greeter at Wal-Mart but can we do better than simply housing and feeding and medicating?

      This is why so many of us believe that the best government is local.

      Report Post »  
  • Gonzo
    Posted on September 30, 2011 at 2:01pm

    Keep on fighting for higher taxes Barry. Your cooperation in the demise of your own administration is an unexpected yet, most welcomed assistance to our cause. Thank you.

    Report Post » Gonzo  
    • mils
      Posted on September 30, 2011 at 2:29pm

      Not really…look for the 2012 elections to be suspended , somehow. Oh if he can, he will. It’s not obama, it’s his handlers, the people behind him that pull the strings

      so..this will be a moot point..as there will be no rich, no poor, no America…
      As a nation we had best stop watching the tv shows and start watching what the hell is going on in our country!!

      Report Post »  
    • commonsenseguy
      Posted on September 30, 2011 at 2:44pm

      @mils, there will always be poor, even in the so called new world order, the key word is order, they will order ever4yone to live the same,drive the same kind of car, live in the same kind of building and eat the same kind of food , and the same kind of cloths, but even with every thing the same, there will still be those who choice to do nothing to help the collective and those who will always be poor, just like there will always be the elite rich, nothing will change, no matter how the color it,or build it,

      Report Post »  
  • LinkedIn G
    Posted on September 30, 2011 at 1:55pm

    Capital gains tax is not Income tax … Even Buffet admits he understands the difference.

    Report Post » LinkedIn G  
    • Gonzo
      Posted on September 30, 2011 at 2:29pm

      That’s the dirty little secret Obama is hoping that most Americans are too stupid to notice…and he’s half right.

      Report Post » Gonzo  
  • TheGreyPiper
    Posted on September 30, 2011 at 1:55pm

    ” it would probably apply to 50,000 people”

    Oh, so it’s like a bill of attainder?
    Oh, whoops….

    Report Post » TheGreyPiper  
  • Anonymous T. Irrelevant
    Posted on September 30, 2011 at 1:55pm

    Once again, Warren. You can PAY EXTRA if you want to. No need to include anyone else in your schemes.

    Report Post » Anonymous T. Irrelevant  
  • commonsenseguy
    Posted on September 30, 2011 at 1:48pm

    well, what is it. tax the super rich or not, sounds like obo misinterpreted what buffet said, or buffet did not explain it all that will,either way, they will tax not just the rich, but everyone who has a job, but not everyone will be taxed, as usual,some will,some won’t. just as with the new healthcare law, everyone will be taxed or fined because of their BMI,index that will be set by the government, but not all will have to comply, just most everyone, but those who are poor and and those who can use the office of diversity will get a break, while the rest of us will just either pay or be fined or jailed, so as usual, not everyone pays,while some pay more, the same old politics,it never changes.

    Report Post »  
    • Rillobymorning
      Posted on September 30, 2011 at 2:03pm

      Sounds like Buffet is back peddling. Who in their right mind would want a tax bill named after them?

      Report Post »  
  • SavingtheRepublic.com
    Posted on September 30, 2011 at 1:46pm

    ~^~v~~^~~v~^~
    Hey Warren why dont you first pay the taxes you owe before preaching and proposing a plan or supporting whatever scam Emperor Obama is working on!

    Doesnt this double talk just amaze you from these guys! I dont care if you make $250k or $250 million its your money you earned it its not the govts to take or re-classify ppl to justify taking it to give o others. I am longterm unemployed I dont get a dime of govt money. Im not there asking some rich person to give me money either. This is however what they want to do take from the rich and give to the poor. If a rich person wants to give me money to help me out then let them do it on their own. To have govt force it via class warfare is wrong, this guy knows it. He knows it so much he has a gut check everyday probably thinking of his money going to some dopehead that refuses to look for work or do anything for himself!

    So let me guess Warren we have to wait for the the tax bill to be passed before we can see whats in it right?!! As long as the 80000pg tax code is in place none of these guys have anything to worry about. There are countless ways for them to get out of whatever rate they want to see others hit with! http://SavingtheRepublic.com

    Report Post » SavingtheRepublic.com  
  • michael48
    Posted on September 30, 2011 at 1:44pm

    BTW…buffy is having a fund raiser…(omama wants a new train set)…$36,00.00, had to lower the fun-d to $10,000.00…no takers…“hoax and chains” on sale…

    Report Post »  
  • roadhog
    Posted on September 30, 2011 at 1:39pm

    Warren Buffett is an Senile Old Fart That can’t Shut Up..

    Report Post »  
    • I.Gaspar
      Posted on September 30, 2011 at 3:17pm

      That’s for certain.
      The followup question to the interview was whether warren’s diaper was full or not.

      Report Post »  
    • blazingaway
      Posted on September 30, 2011 at 4:13pm

      I Second that … he’s being told what to do more and more … he’s increasingly meaningless and clueless outside of his elitist world. When you decide to give all or most of your wealth away you’re interests in acquiring wealth changes to preserving wealth and how to spend it. Buffet is no longer in creating more wealth. His priorities are to preserve wealth and influencing how his wealth is spent and by whom for whom.

      Report Post » blazingaway  
  • twotwins
    Posted on September 30, 2011 at 1:30pm

    Is everyone too afraid to say what might be sort of true? Buffet may be sort of a senile old man you know. We, in families, see it all the time . . . . . the perceptions and assessments become very blurred . . . . . I am not saying this to be mean but . . . . those of us in the field of health care notice these things and usually are too polite to point it out . . . . . but advising a President just because he is mega wealthy? Hmmmmm.

    Report Post »  
  • Obama Snake Oil Co
    Posted on September 30, 2011 at 1:26pm

    Has he even paid his taxes since 2002 yet? How would he know what its like if he has not paid anything to have the right to even speak on the issue. Liberal Hypocrit as usual….

    Report Post » Obama Snake Oil Co  
  • HKS
    Posted on September 30, 2011 at 1:25pm

    Buffett is a winner and has been all of his life. You don’t get there by being stupid. He sees an opportunity to sink his competition and wants to take advantage of it and Obama is desperate enough to fall for it. He has something to gain or he wouldn’t be there.

    Report Post » HKS  
    • michael48
      Posted on September 30, 2011 at 1:38pm

      it’s called wealth preservation…..Capitalist with HIS money..Socialist with OURS…very common trait with lib’s…over regulate new start ups, and prevent capitalization via Gov. Gumba Dodd/Franks …typical dem-wit control freak…

      Report Post »  
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