Business

Ted Turner Jokes About Buffett’s Giving Pledge: ‘He Can Always Write A Check to The Government’

Earlier this week, billionaire philanthropist Ted Turner sat down with a Bloomberg reporter to answer some questions regarding America’s current economic situation and to offer his opinion on the initiatives being taken by Washington D.C.

While some of Turner’s observations might be considered astute, critics could construe other statements made by the mogul as misguided.

The interviewer started off by asking Turner what he thought of both Warren Buffett and the president calling for the rich to pay more in taxes:

“Nobody likes to pay more taxes,” Turner said. “At least, except Warren Buffett likes to pay more taxes, he’s the only one,” he clarified.

“Do you think he should?” the interviewer asked him.

“Well, he thinks so. He can always write a check to the government; just send them the money,” he said, smiling slightly.

While he appeared to be on a roll, Turner inevitably switched gears and started to praise his friend Buffett and various economic policies including the inheritance tax and the recent bailout. Regarding the bailout, Turner stated, “[it] probably would’ve been a lot worse without the bailout, but I don’t think it was done as well as it could have been”.

“I’m certainly in favor of keeping the inheritance tax, for instance, and have been all along,” he said.

“If we do away with the inheritance tax we’ll have some families in the United States over a period of years that will get richer than anybody else in the world and that wealth will be concentrated in  fewer and fewer hands and I don‘t think that’s good,” he said.

“I believe in a strong middle class.”

What Turner failed to mention, and is pointed out by the late economist Milton Friedman, is that the wealthy do not simply sit on their assets. A good deal of their wealth can be invested into new ventures that can produce more manufactured goods and that will require more labor (human capital) and so on.

According to several conservative economists, the “wealthy” members of society that the current administration seems to fear are more likely to invest more wisely (and to more profitable conclusions) than any faceless government entity. This is because there is a genuine concern for the success of the venture.

The idea that a constricting segment of society will hoard all the wealth is not entirely accurate or fair. Furthermore, to artificially block the designation of one’s assets in the name of maintaining a “strong middle class” will more likely produce unfavorable results that will hurt the middle class, according to most prominent conservative economists. The reason that Turner and company can claim that the wealthy are hoarding their wealth is because, yes, they have been more cautious than in previous years.

But that is not because they are simply stashing it away. It is because they are being told that success will mean that they have to pay more than everyone else, that they “don’t deserve” to keep their money, that the government should artificially adjust free market balance, etc.

The interviewer then turned Turner‘s attention to Warren Buffett’s “giving pledge.”

“I’m on board. I think it’s a good idea,” he said.

“But I think it’s a lot easier for he and Bill Gates to give away half of what they have (because they have so much) then it is for someone with only one billion,” he said.

“I’m a Buffet fan,” he proclaimed.

Comments (21)

  • StanO360
    Posted on September 22, 2011 at 3:51pm

    Since when is the economy a zero-sum game? That is if your not a Marxist anyway. You can’t concentrate wealth. What are you going to do with it? Put it under your mattres? Even if you put it in a bank they loan it out!

    They don’t spend it? How do these people get wealth in the first place? Shear drive I suppose. Inheritance tax destroys family businesses and farms. An owner of a 3million dollar business dies. The kids need to come up with $1 million to prevent foreclosure. What is good about that?

    Report Post »  
  • Rastus McGee
    Posted on September 22, 2011 at 7:56am

    a man and woman get married have 2 children, they have 2 children their children have 2, except in rare instances the wealth gets diluted not magnified and concentrated, 3 generations from shirt sleeve to shirt sleeve seems to pretty much hold true ( I know, been there) so the inheritance tax is just a way for someone to take your stuff when you look at it on a basic level. To bad huh!

    Report Post »  
  • Liberty74
    Posted on September 21, 2011 at 10:30pm

    If the corrupt bailout money should have been used for solar and wind “projects” as Turner states, instead of us buying oil from OPEC, then why hasn’t Turner invested his OWN MONEY if there is a market for alternative energy thereby helping the middle class he so claims to be for? If such energy were practically, people like Turner would have already invested in such. Alternative energy is an expensive JOKE that will lead to more poverty.

    Drilling for oil in America on the other hand would put 1 to 2 million people back to work immediately creating real energy independence from OPEC, Canada, etc. We would also eliminate most of our trade deficit because $700 billion comes from foreign oil – technically a form of foreign aid if you ask me. All that capital and money would then stay within America’s borders.

    Ted Turner is a NWO globalist on record supporting the global warming fear mongering propaganda who supports “one child only” policies. Yet the hypocrite, as is usually the case with those on the Left, has 5 children of his own.

    In 1996, Turner stated that for the world, “A total population of 250-300 million people, a 95% decline from present levels, would be ideal.” These eco-fascist Nazis are up to something…

    Report Post » Liberty74  
  • Secessionista
    Posted on September 21, 2011 at 7:09pm

    What’s it feel like to sleep with a communist sympathiser, Ted?

    Report Post » Secessionista  
  • jacobstroubles
    Posted on September 21, 2011 at 4:38pm

    Turner & Buffett are both going to reap what they have sowed…
    Buffet is playing a dirty trick on all Americans… he offered the alleged legal president a new talking point, as he knows most Americans think wealthy people are in possession of their wealth from some form other than working for it.

    Freaking Buffet is a lying duche bag… he’ll no more pay any more taxes than the man in the moon…
    Too funny to think anyone would actually buy into his vile lies. He‘s like that guy who went around in the 1800’s with the horse drawn coach selling Healing oils and tonic… sooo freaking funny.

    he’s a deceptive liar… that plays the same game that the vile politicians want to play…

    Amerians are being raped every second..by these guys…
    Oh.. how much money has buffet made since his alleged bailout of B of A.

    Turner…he’s freaking psycho too..
    Who cares about Murdock… he’s been manipulating the American thinking for years… he’s dis honest..

    THEY ALL HAVE VILE, FILTHY, EVIL AGENDAS….
    WHAT IS SO HARD TO UNDERSTAND ABOUT THIS?
    ANSWER: IT SHOULD BE NOTHING

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  • Hiswill
    Posted on September 21, 2011 at 10:20am

    Tax money to government is like heroin to a drug addict. No matter how much they get, they always want more. There is so much waste in Washington, it just makes me sick.
    “The Justice Department spent $73.3 million on conferences in fiscal 2009, compared with $47.8 million a year earlier, according to the report. U.S. Justice Department agencies spent too much for food at conferences, in one case serving $16 muffins and in another dishing out beef Wellington appetizers that cost $7.32 per serving, an audit found. “Some conferences featured costly meals, refreshments, and themed breaks that we believe were indicative of wasteful or extravagant spending,” the Justice Department’s inspector general wrote in a report released today.
    Google, “Justice Dept. Conference’s $16.00 muffins” for a starter and see just some of the waste going on in this administration.

    Report Post » Hiswill  
  • zman61
    Posted on September 21, 2011 at 10:18am

    Buffet made these statements about his taxes vs. his secretary’s taxes a couple of years ago. What he did was to compare the secretary’s INCOME tax rate to his (and anyone else’s ) CAPITAL GAINS tax rate. The whole thing is just a scheme to fool people (apparently not hard to do) into believing that his INCOME tax rate is lower than his Secretary’s INCOME tax rate which is a complete lie. Unfortunately for us there are many (the majority) Americans that just don’t know the difference between the two. Don’t really have anything to say either way on Ted. Knew his family years ago when his kids were in school with me and always though of them as really good people. Of course I was not interested in politics at that age and that would not change my opinion of the family anyway.

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  • Belzar
    Posted on September 21, 2011 at 9:19am

    I agree with everything said about the Buffet statements. Buffet is my hero when it comes to investing but I disagree with his politics, especially paying more taxes. I think the O’bama Admin. is holding his Corporate Tax Debt over his head using Chicago Force to get him to make those statements. Buffet’s Corp. Tax Debt problem will probably go away before O’bama leaves office.

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    • jb.kibs
      Posted on September 21, 2011 at 9:53am

      the “death tax” is total ********. that money has been taxed over and over again. it is immoral and unconstitutional to tax people this much.

      besides… noone can have all of the money. and if they did… all we have to do is no accept that money and now they are worthless. done and done. the only thing of value is protection, seeds and water. that is it. everything else is pointless. money is meaningless. gold is worthless. you can’t eat either of those, and people are going to just use that to buy seeds and food… so what is REALLY worth something? seeds and food. get yourself a life, people… take control of your actions…

      who’s the only person in congress who thinks that you should keep 1 dollar out of every dollar you make? Ron Paul.

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    • smokeysmoke
      Posted on September 21, 2011 at 10:14am

      http://en.wikipedia.org/wiki/Georgia_Guidestones THE GEORGIA GUIDE STONES created by ted turner in the 1980s…. IT TELLS EVERYTING ABOUT WHAT THE PROGRESSIVE MOVEMENT IS ABOUT…. THE 10 COMMANDMENTS OF SATAN

      Report Post » smokeysmoke  
  • jim
    Posted on September 21, 2011 at 8:35am

    Ted was an outspoken supporter of Obama. He deserves what he voted for.

    Report Post » jim  
  • Rickfromillinois
    Posted on September 21, 2011 at 8:19am

    Buffet never mentions that it would be a financial boom for him is they raised the Federal Income Tax bracket on the rich. He owns an insurance company that sells investment plans that gives the investor some tax shelters. The higher the tax rate goes, the more investors buy plans from his company. He gives himself a salary of $100 thousand a year which is why his secretary pays higher Federal Income Taxes. He gets his money from his investments which is taxed under a different program at a lower rate.
    Turner does bring up an interesting point. All of these liberals who are constantly screaming that we don’t pay enough taxes should put their money where their mouths are and just write checks to the government for the additional amounts that they think they should pay. The fact that none of them do shows how big of hypocrites they are.

    Report Post » Rickfromillinois  
  • hersey10
    Posted on September 21, 2011 at 7:30am

    I think Ol’ Ted should rekindle his love affair with Hanoi Jane .

    Report Post » hersey10  
  • GETLIFE
    Posted on September 21, 2011 at 4:03am

    [“I’m a Buffet fan,” he proclaimed.]

    Yeah, no kidding! How does he NOT pay the BILLION dollars his business owes in back taxes, then get everyone reporting he wants to pay more? Turner and I are wondering how he gets away with it! I think it’s Buffets boyish fun-loving demeanor– coupled with his partnership with the White House, of course.

    Report Post » GETLIFE  
    • smithclar3nc3
      Posted on September 21, 2011 at 7:36am

      Buffet has been in battle with Washington over 1,000,000,000 in unpaid taxes….AND HE TALKS ABOUT FAIR SHARE.
      Sounds like Washington is using Buffets tax debt to blackmail him into backing it agenda.

      Report Post »  
  • Californiasodbuster
    Posted on September 21, 2011 at 2:25am

    Oh great one ted turner, please tell us again how well off the people of north korea are doing, or do you even remember your visit there?

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  • scoter
    Posted on September 21, 2011 at 1:48am

    He can pay my house off. If he got that much money. Why not help people that need it. Not the GOV. Every one dont have money. I would like to have the Gas money the OBAMA USE TO STAY IN THE AIR.

    Report Post » scoter  
  • Bete Noire
    Posted on September 21, 2011 at 1:23am

    Warren Buffet will profit greatly from higher taxes on the wealthy. He is a lobbyist representing his own moneyed interest. Don’t be duped by this charade disguised as noble generosity. Buffet has been in court with the government for 10 years over his current tax bill. Does that sound like a guy willing to pay more taxes? Of course not. Buffet stands to make hundreds of millions if taxes get raised on the wealthy. He owns multiple insurance and estate planning companies. Every high wealth individual in the country will have to re-tool all their insurance, estate and succession plans to deal with the new taxes regulations. His company, Berkshire-Hathaway is the biggest player in this field. One of his other companies, Berkshire-Hathaway Assurance is the largest insurer of municipal and state bonds. The tax increases revenue to secure and pay back these bonds, many of which are nearing default due to the economy. So you see Warren Buffet is not a noble, kind hearted citizen willing to pay more taxes. He is a shrewd and often unscrupulous businessman. He’s playing Obama like a fiddle and the poor dumb sap doesn’t even see it.

    Report Post » Bete Noire  
  • Vernon Black
    Posted on September 21, 2011 at 12:51am

    T T is a Southern Democrat who twists himself into a pretzel defending the Old Party that the Leftist Liberals have hijacked!….Like my Dad was, he is a FDR Democrat and doesn’t practice anything he preaches for the rest of US….I admired him as a young Southerner, but as an Old Libertarian I realize that thinking like Turner‘s doesn’t allow for today’s entrepreneurs to achieve what he achieved!!!!

    Report Post » Vernon Black  

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