He’s at it again. Warren Buffett has taken to the op-ed pages of the New York Times today to sound the bugle once again for his raise-taxes-on-the-rich crusade. Buffett writes,
I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.
…[F]or those making more than $1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.
My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.
How noble and generous sounding — that is, until you realize that Buffett has quite a lot to gain from higher taxes on the super rich. The Washington Examiner’s Tim Carney unearths Buffett’s suspect motives.
Buffett Profits from Taxes He Supports
Buffett regularly lobbies for higher estate taxes. He also has repeatedly bought up family businesses forced to sell because the heirs’ death-tax bill exceeded the business’s liquid assets. He owns life insurance companies that rely on the death tax in order to sell their estate-planning businesses.
Buffett Profits from Government Spending
Buffett made about a billion dollars off of the Wall Street bailout by investing in Goldman Sachs on the assumption Uncle Sam would bail it out. He also is planning investments in ethanol giant ADM and government-contracting leviathan General Dynamics.
If your businesses’ revenue comes from the U.S. Treasury, of course you want more wealth.
Let’s call a spade a spade: Warren Buffett, successful multi-billionaire that he is, is a lobbyist representing himself and his own monied interests. There’s nothing wrong with that in and of itself, but let’s not let liberals get away with this cunning charade of noblesse oblige when the full picture reveals that they have much to gain from their superficial “generosity.”