Warren Buffett Thanks Dem Senator for Introducing ‘Buffett Rule’ Legislation

By Doug Powers  •  February 23, 2012 11:15 AM

**Written by Doug Powers

Because similar taxapalooza initiatives on the upper one percent are working out so well in the UK, Democrats in the US continue to try to implement the Buffett Rule. Warren Buffett is appreciative:

Billionnaire investor Warren Buffet said in a letter Wednesday that he was “delighted” to support legislation to implement the “Buffett Rule,” which would ensure that those making over $1 million annually pay at least a 30 percent effective tax rate.

“I’m delighted to be identified as a supporter of S. 2059,” Buffett wrote in a letter to Sen. Sheldon Whitehouse (D-R.I.), who introduced legislation to implement the rule.

“I have no problem endorsing any large step in the direction of greater fairness in the tax code… Thanks for what you are doing for our country,” Buffett added, according to the senator’s office.

Somehow all this will culminate in Buffett’s secretary being better off. Maybe she’d even be able to upgrade to “Executive Assistant.”

Nearly half of Americans are exempt from paying 2011 Federal income taxes. What’s “fair” about that? If Buffett wants greater fairness in the tax code he should start by supporting the idea of more Americans having some skin in the game so everybody is forced to care about Washington’s waste, shams, schemes and ineptitude.

As for the “Buffett Rule,” I prefer Chris Christie’s version because it involves no legislation at all: Cut a check and shut up.

(h/t Weasel Zippers)

**Written by Doug Powers

Twitter @ThePowersThatBe

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Comments


  1. #1
    On February 23rd, 2012 at 11:27 am, Flyoverman said:

    The guy owes a BILLION in past taxes due. If he is so concerned he can write out a check for that amount today. If it turns out later he should not have had to pay that amount, he can write it off as a charitable donation.

    Nauseating hypocrite.

  2. #2
    On February 23rd, 2012 at 11:30 am, babiesgrandma said:

    Billionnaire investor Warren Buffet said in a letter Wednesday that he was “delighted” to support legislation to implement the “Buffett Rule,” which would ensure that those making over $1 million annually pay at least a 30 percent effective tax rate.

    “Delighted” because (a) he doesn’t pay his taxes owed anyway; and (b) his “taxable income” is probably around $100,000, and a lot of deductions, thereby owing nothing eventually, what with all those off-shore holdings and Swiss bank accounts, etc.

  3. #3
    On February 23rd, 2012 at 11:30 am, AlohaGuy said:

    Buffett Rule

    Flyoverman said:

    The guy owes a BILLION in past taxes due.

    This is my idea of the Buffet Rule as well – pay what you owe, deadbeat.

  4. #4
    On February 23rd, 2012 at 11:31 am, RedDog said:

    This old fart must think he’s buying indulgences into heaven. Truly a bizarro world we are in.

  5. #5
    On February 23rd, 2012 at 11:32 am, AlohaGuy said:

    The Geithner Rule – don’t pay until you get caught

  6. #6
    On February 23rd, 2012 at 11:33 am, Mister P said:

    The Buffett rule should only target Buffett.

  7. #7
    On February 23rd, 2012 at 11:36 am, plymouthacclaim said:

    The only Buffett rule I acknowledge is to never eat at a buffet without adequite sneezeguards. :D

  8. #8
    On February 23rd, 2012 at 11:42 am, RedDog said:

    And no one questions the authority of Democrat-run governments to extort and strongarm planetary sums of money at will from the Taxpayer. Still no budget….

    Others in the free world get fired and/or jailed for this behavior. Son of a ………

  9. #9
    On February 23rd, 2012 at 11:42 am, Republicanvet said:

    If Buffet wants fairness in the tax code he should stop weaseling bailouts for companies he buys stock in just prior to pushing for the bailout!

  10. #10
    On February 23rd, 2012 at 11:42 am, Rogue Cheddar said:

    Billionnaire investor Warren Buffet said in a letter Wednesday that he was “delighted” to support legislation to implement the “Buffett Rule,” which would ensure that those making over $1 million annually pay at least a 30 percent effective tax rate.

    I thought the ‘Buffet Rule’ was no fingers, use the tongs!

  11. #11
    On February 23rd, 2012 at 11:45 am, RedDog said:

    On February 23rd, 2012 at 11:32 am, AlohaGuy said:
    The Geithner Rule – don’t pay until you get caught

    Not sure he paid anyway…

    We are worse off than “suckers”. I’m beginning to think the American Citizenry are the monkeys in the zoo cage. We are imprisoned in a government-administered nightmare of our own making.

  12. #12
    On February 23rd, 2012 at 11:52 am, RedDog said:

    Keep in mind the real consequences of the Democrat/RINO malfeasances have yet to be felt, hyper inflation, total market collapse, wealth evaporation, no more cell service, rioting in the streets etc…. and it is coming.

    When that happens the truth will dawn like a hammer to the forehead. What am I saying? It will always be someone elses’ fault. Evil rich, Bush Hitlerburton, Darth Cheney.

  13. #13
    On February 23rd, 2012 at 11:53 am, Dexter Alarius said:

    Billionnaire investor Warren Buffet said in a letter Wednesday that he was “delighted” to support legislation to implement the “Buffett Rule,” which would ensure that those making over $1 million annually pay at least a 30 percent effective tax rate.

    Like babiesgrandma says, I suspect Buffet won’t qualify for this tax.
    Will anyone in the media follow-up to see if he does?

  14. #14
    On February 23rd, 2012 at 11:53 am, Rogue Cheddar said:

    I just watched the movie 2012 again. I hope I can make my way to an ark in China soon.

  15. #15
    On February 23rd, 2012 at 11:53 am, RedDog said:

    Sooner or later the endless boodle checks will stop, then the natives will grow restless.

  16. #16
    On February 23rd, 2012 at 11:54 am, AlohaGuy said:

    I thought the ‘Buffet Rule’ was no fingers, use the tongs!

    No, that’s Anthony’s “Weiner Rule”

  17. #17
    On February 23rd, 2012 at 11:58 am, hawkeye54 said:

    The guy owes a BILLION in past taxes due. If he is so concerned he can write out a check for that amount today.

    He is doing what any multibillionaire would be doing, he’ negotiating down his debt. He has enough legal resources to wear down the IRS, probably with a little nudging from some of Warren’s BFF dem pols.

    And ‘ol Warren’s only concerned that OTHER millionaires aren’t paying enough taxes.

    He’d like to see interloper millionaires cut down to size. His Billionaire Boy’s Old Geezers Club is quite exclusive and he want’s to keep it that way.

  18. #18
    On February 23rd, 2012 at 12:01 pm, RedDog said:

    Bandit: “Hey hombre, jew poot a hole in me!”

    Hombre: “I tried to do better than that but you moved.”

    Bandit: “Jew can be chore I move!”

  19. #19
    On February 23rd, 2012 at 12:01 pm, hawkeye54 said:

    would ensure that those making over $1 million annually pay at least a 30 percent effective tax rate.
    Like babiesgrandma says, I suspect Buffet won’t qualify for this tax.
    Will anyone in the media follow-up to see if he does?

    Nope. He won’t qualify as the tax rate applies to income. ‘Ol Warren’s income stream comes from tax-free, tax-exempt, foreign, and regular dividend and capital gains taxed at a much lower rate for the portion that is taxed.

  20. #20
    On February 23rd, 2012 at 12:06 pm, Flyoverman said:

    On February 23rd, 2012 at 12:01 pm, RedDog said:

    oooooooooooooooooo

    One of the five best movie lines EVER!!

    “How are you going to get down that hill?”

  21. #21
    On February 23rd, 2012 at 12:10 pm, tre said:

    Think that guy has been “Wasting Away In Margaritaville” too long.
    Here’s your lost shaker of salt, Warren.

  22. #22
    On February 23rd, 2012 at 12:10 pm, Rogue Cheddar said:

    Re pic:

    Nurse: Warren, please put down that ukelele, it’s time for your medication. (checks diaper) Drat! That’s the third time this morning you’ve done poopies! What are they feeding you?!

  23. #23
    On February 23rd, 2012 at 12:13 pm, Dexter Alarius said:

    “I’m delighted to be identified as a supporter of S. 2059,” Buffett wrote in a letter to Sen. Sheldon Whitehouse (D-R.I.), who introduced legislation to implement the rule.

    This is symbolic.
    The legislation will never pass the House.

  24. #24
    On February 23rd, 2012 at 12:15 pm, hawkeye54 said:

    I thought the ‘Buffet Rule’ was no fingers, use the tongs!

    No, its “don’t fill up on salad, its just filler anyway.”

  25. #25
    On February 23rd, 2012 at 12:15 pm, RedDog said:

    On February 23rd, 2012 at 12:06 pm, Flyoverman said:
    One of the five best movie lines EVER!!
    blockquote>In Elmore Leonard’s book the line was “Hey hombre, jew got a splinter in my eye!” when the bullet hit the shed near his face.

  26. #26
    On February 23rd, 2012 at 12:16 pm, RedDog said:

    screwed up that blockquote…

  27. #27
    On February 23rd, 2012 at 12:17 pm, RedDog said:

    On February 23rd, 2012 at 12:10 pm, Rogue Cheddar said:
    That’s the third time this morning you’ve done poopies! What are they feeding you?!

    LOL. You said poopies…

  28. #28
    On February 23rd, 2012 at 12:21 pm, rocketman said:

    ***
    I’m sure getting tired of illegal tax evading super rich guys like Warren Buffett and their plans to raise taxes on other people. And their links to corrupt politicians like Comrade Obama and His Ilk.
    ***
    Can’t somebody wake this clown up? Maybe grabbing his ukelele and whaling him over the head with it-or cramming it where the sun don’t shine–could clue him that not all us peasants are asleep at the switch.
    ***
    Look out for the sharp edges and steel wires–This Uke’s For You! Yahoo!
    ***
    John Bibb
    ***

  29. #29
    On February 23rd, 2012 at 12:24 pm, dan708 said:

    As the libbies liked to say during the WBush years, A Village Is Missing Its Idiot. STFU, Warren!

  30. #30
    On February 23rd, 2012 at 12:30 pm, hawkeye54 said:

    As the libbies liked to say during the WBush years, A Village Is Missing Its Idiot. STFU, Warren!

    Warren’s no idiot. He knows perfectly well how to manipulate legislation and our politicians in his favor, and he has the means to do so.

  31. #31
    On February 23rd, 2012 at 12:30 pm, Truesoldier said:

    Just look at Buffett salary at Forbes. He pays himself $100k a year; therefore the tax wont effect him. As we all know most of his money is made in Capital Gains.

    I would love for DeMint or Rubio to submit the “Warren Buffett write a check or STFU” bill.

  32. #32
    On February 23rd, 2012 at 12:35 pm, Rogue Cheddar said:

    On February 23rd, 2012 at 12:17 pm, RedDog said:
    LOL. You said poopies…

    Just don’t say it three times in a row, otherwise you may conjure up ILMC or Ota.

  33. #33
    On February 23rd, 2012 at 12:35 pm, hawkeye54 said:

    As we all know most of his money is made in Capital Gains.

    And don’t ever fall for any suggestions to increase taxes on dividends and capital gains, cause alotta ordinary non-millionaires earn those in 401k’s,IRAs and pensions and would be affected.

  34. #34
    On February 23rd, 2012 at 12:40 pm, Regulus said:

    Liberal “tax policy” is just another take on class warfare. There are three classes:

    1. The Liberal Ignorati Class (“It won’t affect me, just the people more prosperous than I am whom I hate”);

    2. The Liberal Cognoscenti-Glitterati Class (“Even though I’m technically in the target class, I’ll apply the Geithner-Daschle-Jarrett-Frank exemption and just blow it off”); and

    3. The Suckers, who foolishly think that obeying the law means something and actually try to make a go of complying with it.

    “Rewarding Your Friends and Punishing Your Enemies”(TM) is great fun — as long as you do it with other people’s money.

  35. #35
    On February 23rd, 2012 at 12:46 pm, swede said:

    hawkeye54 said:

    I thought the ‘Buffet Rule’ was no fingers, use the tongs!

    No, its “don’t fill up on salad, its just filler anyway.”

    No seating at the buffet bar.

    I buffet my body.

  36. #36
    On February 23rd, 2012 at 12:46 pm, hawkeye54 said:

    I’m sure getting tired of illegal tax evading super rich guys like Warren Buffett and their plans to raise taxes on other people. And their links to corrupt politicians like Comrade Obama and His Ilk.

    And I’m tired of Comrade Obama and his ilk not going all out and calling for a wealth tax on all millionaires, an annual percentage of each millionaires total assets, property, investments and cash. Hmm, lets say 15% tax on the value of all assets. That seems more than fair.

    Lets see Warren get all excited about that tax.

  37. #37
    On February 23rd, 2012 at 12:47 pm, Truesoldier said:

    On February 23rd, 2012 at 12:40 pm, Regulus said:
    “Rewarding Your Friends and Punishing Your Enemies”(TM) is great fun — as long as you do it with other people’s money.

    And here is more proof of that:

    DHS awards Alinsky tied group $56 million loan to set up health insurance company.

  38. #38
    On February 23rd, 2012 at 12:48 pm, hawkeye54 said:

    No seating at the buffet bar.

    Who sits? Graze as you shuffle along from item to item. :)

  39. #39
    On February 23rd, 2012 at 12:49 pm, mondamay said:

    On February 23rd, 2012 at 12:13 pm, Dexter Alarius said:

    This is symbolic.
    The legislation will never pass the House.

    That is by design. The White House is in full campaign mode. This is just another opportunity to show that “Republicans are for the rich” when the House votes it down.

  40. #40
    On February 23rd, 2012 at 12:49 pm, Republicanvet said:

    On February 23, 2012 at 10:30 am, hawkeye54 said:

    As the libbies liked to say during the WBush years, A Village Is Missing Its Idiot. STFU, Warren!

    Warren’s no idiot. He knows perfectly well how to manipulate legislation and our politicians in his favor, and he has the means to do so.

    He made 3.9 billion off his manipulation of them in getting a bank bailout after he bought stock in them first.

    While I and many others watched our stock tank.

  41. #41
    On February 23rd, 2012 at 12:50 pm, mondamay said:

    On February 23rd, 2012 at 12:48 pm, hawkeye54 said:

    Who sits? Graze as you shuffle along from item to item.

    To quote John Pinette at the buffet:
    Grab and move!

  42. #42
    On February 23rd, 2012 at 12:58 pm, hawkeye54 said:

    This is just another opportunity to show that “Republicans are for the rich” when the House votes it down.

    If Republicans are for the “rich” then they are for Democrats, because there are more rich Democrats than there are rich Republicans.

  43. #43
    On February 23rd, 2012 at 1:00 pm, rambler said:

    Buffet should stuff it! He’s made his money and now uses it to bribe elected politicians while lining his pockets with insider info. His company refuses to pay the taxes it owes and he never mentions that. What a shining example of “fairness”! Buffet is a tax cheat and a thief.

  44. #44
    On February 23rd, 2012 at 1:03 pm, NC BLUE said:

    Hey Warren–you just dropped a turd in the punch bowl at the Country Club Buffet. Now the richies won’t start anymore businesses, won’t expand the one’s they have, won’t hire anymore, and may layoff people. I doubt they share your zeal to give this sock puppet more money to pi$$ away. Just ask the oil and gas bigwigs. I’m with Christie– write a great big check and STFU.

  45. #45
    On February 23rd, 2012 at 1:11 pm, Dexter Alarius said:

    He pays himself $100k a year; therefore the tax wont affect him.

    I’m sure that was just an oversight, and he would be just as supportive of the bill if the language were changed to apply the 30% tax to increase in net worth.
    How’s about them apples, Warren?

  46. #46
    On February 23rd, 2012 at 1:12 pm, thejim said:

    Living up to the name Warren Buffoon

  47. #47
    On February 23rd, 2012 at 1:29 pm, Rogue Cheddar said:

    On February 23rd, 2012 at 12:48 pm, hawkeye54 said:
    No seating at the buffet bar.
    Who sits? Graze as you shuffle along from item to item.

    Blutarsky had that down.

  48. #48
    On February 23rd, 2012 at 1:34 pm, TigerLady said:

    No seating at the buffet bar.

    One of my favorite episodes of Hill Street Blues was when they were called to arrest a guy who was on a rolling chair at an all you can eat buffet. Hilarious!

    Warren buffet..not so much.

  49. #49
    On February 23rd, 2012 at 1:47 pm, Rogue Cheddar said:

    Did Detective Mick Belker bite him on the ankle? I alwasy loved it when he did that to perps.

  50. #50
    On February 23rd, 2012 at 1:59 pm, hawkeye54 said:

    Hilarious!
    Warren buffet..not so much at all.

    FIFY.

  51. #51
    On February 23rd, 2012 at 2:06 pm, mondamay said:

    On February 23rd, 2012 at 1:11 pm, Dexter Alarius said: I’m sure that was just an oversight, and he would be just as supportive of the bill if the language were changed to apply the 30% tax to increase in net worth.

    I have no words to express how scary an IRS with that kind of tax law would be.

  52. #52
    On February 23rd, 2012 at 2:15 pm, FirstSkirt said:

    Warren is just a small man with a huge ego who loves being in the spotlight with crooks in government. He loves the attention, but you can be assured he will never write a check to anybody and his companies will never pay back taxes. He’s nothing but a fraud.

  53. #53
    On February 23rd, 2012 at 2:28 pm, Ilovemycountry said:

    Hey look!

    Doug Powers is smarter than Warren Buffet.

    Only on this site would a delusional guy like Doug claim to know more about the economy than the greatest investor America has ever produced.

  54. #54
    On February 23rd, 2012 at 2:34 pm, Truesoldier said:

    On February 23rd, 2012 at 12:35 pm, Rogue Cheddar said:
    Just don’t say it three times in a row, otherwise you may conjure up ILMC or Ota.

    Too late….

  55. #55
    On February 23rd, 2012 at 2:38 pm, Truesoldier said:

    Rogue, Any idea what we need to say three time to get it to leave?

  56. #56
    On February 23rd, 2012 at 2:39 pm, OK_Loyalist said:

    On February 23rd, 2012 at 2:28 pm, Ilovemycountry said:

    Hey look!

    Doug Powers is smarter than Warren Buffet.

    Only on this site would a delusional guy like Doug claim to know more about the economy than the greatest investor DumbOCrap© Tax Cheat America has ever produced.

    Fix It For Ya Comrade

  57. #57
    On February 23rd, 2012 at 2:50 pm, RedDog said:

    On February 23rd, 2012 at 12:35 pm, Rogue Cheddar said:
    Just don’t say it three times in a row, otherwise you may conjure up ILMC or Ota.

    Ota Benga, spiritual cousin to Shaka Toots.

    On February 23rd, 2012 at 2:28 pm, Ilovemycountry said:
    Hey look!

    Uh oh. He’s baaaack.

  58. #58
    On February 23rd, 2012 at 2:52 pm, RedDog said:

    On February 23rd, 2012 at 2:28 pm, Ilovemycountry said:
    Hey look!

    This is when all the kids on the playground run screaming in all directions.

  59. #59
    On February 23rd, 2012 at 2:58 pm, fussbudget said:

    Mr. Buffett (and all other like-minded libs), you can start forking over your “fair share” right here, right now.

    Gifts to the United States Government

    The best part? No new tax laws or any pesky legislation of any sort necessary!

    Why, our government has been happily accepting these unconditional “patriotic gifts” since 1843.

    Checks and money orders only. No CODs, please.

  60. #60
    On February 23rd, 2012 at 3:37 pm, Rogue Cheddar said:

    On February 23rd, 2012 at 2:28 pm, Ilovemycountry said:
    Hey look!

    Uh uh, no way! I almost threw up last time! You got blue waffles beat.

  61. #61
    On February 23rd, 2012 at 3:46 pm, thejim said:

    Perhaps I’m too cynical but, if Warren Buffoon’s $1 billion tax indebtedness disappears just as O’hole exits the White House, I won’t be all that surprised.

  62. #62
    On February 23rd, 2012 at 4:10 pm, RedDog said:

    That couldn’t be a bluegrass concert Buffet was at. They don’t use ukeleles. Where was that picture?

  63. #63
    On February 23rd, 2012 at 4:16 pm, roadrage said:

    And don’t ever fall for any suggestions to increase taxes on dividends and capital gains, cause alotta ordinary non-millionaires earn those in 401k’s,IRAs and pensions and would be affected.

    Too late for that. Starting next year taxes on dividends will go from 15% to 39%. It’s one of those hidden gems in Obamacare.

    We’re so freakin’ screwed.

  64. #64
    On February 23rd, 2012 at 4:51 pm, stuckinIL4now said:

    Who will he vilify when the Buffet Rule legislation gets voted down?

  65. #65
    On February 23rd, 2012 at 5:44 pm, hawkeye54 said:

    That couldn’t be a bluegrass concert Buffet was at. They don’t use ukeleles. Where was that picture?

    Maybe at a Nebraska state fair, or at a University of Nebraska Cornhusker game. Maybe he was invited to play the national anthem for a Cornhuskers football home game.

  66. #66
    On February 23rd, 2012 at 10:13 pm, Rogue Cheddar said:

    On February 23rd, 2012 at 12:46 pm, swede said:
    I buffet my body.

    Estelle: I don’t understand you, I really don’t. You have nothing better to do at 3 o’clock in the afternoon? I go out for a quart of milk, I come home and find my son treating his body like an amusement park.

  67. #67
    On February 24th, 2012 at 10:51 am, BK said:

    Chris Christie was right in telling this leftist nutjob to shut up and write a check.

    Buffet won’t do that because he really doesn’t believe what he is saying.

  68. #68
    On February 24th, 2012 at 3:45 pm, hawkeye54 said:

    Buffet won’t do that because he really doesn’t believe what he is saying.

    Oh, I’m sure he does, but for every other millionaire than him. He’s exempt, but his ego can’t stand the thought that some other millionaire might outdo him..ergo, advocate legislation to stamp out the potential competition.

  69. #69
    On February 25th, 2012 at 9:36 pm, kurthanson said:

    Here is an idea. How about a 50% tax on all assets of billionaires who are named Buffett?

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