In many ways Warren Buffett remains me of J. Wellington Wimpy knows to any fan of Popeye the cartoon series and comic strip as Wimpy, have a lot in common.
On Google J. Wellington Wimpy is described as soft-spoken, very intelligent, and well educated, but also cowardly, very lazy, overly parsimonious and utterly gluttonous.
I will not go as far as calling Warren Buffett cowardly or lazy but he is a very intelligent person known for being overly parsimonious and considering his riches many would suggest utterly gluttonous.
What the Oracle from Omaha and J. Wellington Wimpy do have in common is pushing the notion of endless debt. In his New York Times hit piece Buffett reiterated his contention there should be a minimum 30% tax on incomes above $1.0 to $10.0 million. He also was magnanimous enough to say don’t let the Bush tax cuts expire on those making less than $500,000. Of course he spent the first half of the op-ed pounding his friends on the Forbes 400 list of richest Americans and then segued into hiking taxes on small business and successful families that earn in a year what Buffett loses in sofa cushions every time he sits down.
His plan is no different than the one he floated around earlier in the year and promoted by the White House.
Sadly the White House published “The Buffett Rule: A Basic Principle of Tax Fairness” which admits at the small pool of millionaire incomes households.
“Nearly one-quarter of all millionaires (about 55,000 taxpayers) face a tax rate that is lower than more than millions of middle-income taxpayers. This is fundamental unfair. –White House
So, the White House admits there are only 210,000 households making more than $1 million and only 25% of them have low tax rates but thinks promoting tax plans that would hammer up to 3.9 million households is fair?
This goes beyond the notion of hating the rich and those motivated by the profit-motive. The reason the White House is bludgeoning those not in Buffett’s income or wealth bracket is because they must start with a low bar for “rich” because at some point that bar will move even lower.&nbs