Apparently, Warren Buffett took some heat at the Berkshire Hathaway annual meeting last week. Although not the majority, but several key stockholders questioned the so-called "Buffett Rule" under which the wealthiest Americans would be required to pay higher taxes than at present. Those upset by the rule suggested Buffett keep such thoughts to himself.
Buffett, however, reinforced his belief and said that each year "he compares his tax rate to others in his office, and he routinely pays the lowest rate. They all are in the 30s, and I am in the range of 17%. It's time we look at that."
The item that caught my eye though, was a comment made by Charlie Munger, Buffett's long-time partner in running Berkshire Hathaway. According to Stephen Gandel, Senior Editor of CNN Money, Munger seemed to somewhat disagree with Buffett on taxes. Because, even though Munger says he is "100% behind the Buffett Rule," he thinks the focus should not just be on taxes, but how government spends its money as well. "We need more sacrifice and we need more sensible ways of spending money."
And there we have it. Because if the irresponsible parasites in DC, especially in the Democrat party, stopped freely spending taxpayer's money without care or thought, the deficit would take care of itself. Therefore, although Warren Buffett, the world's third wealthiest individual, may have no compunction about politicians redistributing portions of his wealth, I think he's completely missing the point. And perhaps he ought to walk next door, or to wherever Mr. Munger's office is, and have his partner explain Democrat economics to him.
That's it for today folks.
Adios
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