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Warren Buffett Unsure Exactly What Obama’s ‘Buffett Rule’ Is

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By Doug Powers  •  September 30, 2011 04:10 PM

**Written by Doug Powers

Put Warren Buffett in the “for it before he was against it but still doesn’t seem to mind if his name is on it” category:

Billionaire investment guru Warren Buffett, who has become the face of President Obama’s $447 billion jobs-creation legislation, indicated Friday he did not agree with the president’s proposal to raise taxes on millionaires.

Buffett said he advocated a tax hike only on what he termed the “ultra-rich,” making a distinction between his suggestion and Obama’s proposal to raise taxes on millionaires.

“It isn’t [my idea] to have the rich pay more taxes. It’s to have the ultra-rich pay more,” he said on Bloomberg Television Friday.

“It isn’t to have the rich pay more taxes. It’s to have the ultra-rich who are paying very low tax rates pay more taxes. There’s all kinds of ultra-rich who pay normal taxes, but there is a small segment–but you can find them very easily–who pay very low taxes, including me. People who make money with money only pay very low taxes at very high levels of income. … What I’m talking about would probably apply to 50,000 people out of 310 million in the country. … It would simply mean that if you made tens of millions of dollars, and your tax rate was 16 or 17 percent, you would start paying like the person who made $100,000 or $10 million who paid normal tax rates.”

Buffett’s already given the administration the green-light to use his name to push the bill, so now he’s just waiting to **find out what’s in it (**the preceding sentence is Nancy Pelosi approved):

“I will look at the overall plan that gets submitted to Congress, and which they are voting on, and decide net, “do I like it or do I not like it”. There is no question, there will be parts I’ll disagree with.”

And if the whole thing goes south, maybe they can just blame the Buffett Rule on Jimmy Buffett.

Video by way of Weasel Zippers:

**Written by Doug Powers

Twitter @ThePowersThatBe

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