Stop Coddling Warren Buffet

So, the left is positively drooling over Warren Buffett’s recent NY Times column Stop Coddling the Super-Rich in which he writes open quoteMy 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.close quote.

Even if we killed everyone who earns over $250k and took all their money (something similar had been attempted in the Soviet Union), it would only pay for a few weeks of the 2011 budget. You can also apply a 100% tax on all fortune 500 companies, end the wars in Iraq and Afghanistan, and still be no where close to affording our government. There’s a great illustration of this here.

There’s also the great reply Stop Coddling Warren Buffett from the Washington examiner:

open quoteAs most of the media goes gaga over Billionaire Obama fundraiser Warren Buffett calling for tax hikes, (like he did in 2001, and 2004, and plenty of times in between), let’s remember a few things.

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.
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