And in dying the Carbuncle of Omaha would have been able to leave his considerable fortune to the government before he implemented his newest, spiffy tax-avoidance plan that makes sure little of his fortune goes for taxes.
No death tax for King Warren!
And since Buffett has already started transferring his wealth to private charity instead of the government, one might be tempted to ask why.
Maybe it’s because Buffett, as the icon billionaire of the technocrat class, doesn’t want follow the rules that he metes out for the rest of us. Man, what a congressman he would make for the left side of the aisle.
But if the guy had any of the “fairness” fortitude that he preaches for everyone else, then as the number one cheerleader for taxing the rich he would be handing over his money to the benevolent government for which he pimps.
“I was wired at birth to allocate capital,” Buffett told Fortune Magazine, “and was lucky enough to have people around me early on - my parents and teachers and [his wife] Susie - who helped me to make the most of that.”
Yeah; and a cooperative, fawning government.
I don’t know about anyone else, but I’m tired of sanctimonious billionaires who lecture the rest us that we need to change the system that made them billionaires so that you and I can’t become billionaires- sanctimonious or otherwise.
Because, the Warren Buffett story was made possible by the very tax policies and investment-friendly environment advocated by supply-siders since the Reagan Revolution that Buffett now opposes.
Buffett has also benefited from the generous growth of the federal government, which he still supports. It’s no coincidence that one of Buffett’s most successful holdings remains Government Employees Insurance Company (GEICO), a company that was modeled on the stability and growth of the federal workforce.
So, of course Buffett feels that it’s his birthright to allocate capital for the rest of us.
“I told Susie I was going to be rich,” Buffett also confessed to Fortune. “That wasn't going to be because of any special virtues of mine or even because of hard work, but simply because I was born with the right skills in the right place at the right time.”
And after him, the deluge.
Thanks a lot, Warren.