While President Barack Obama has named a key part of his job destruction plan after him, Warren Buffett hasn’t exactly endorsed the proposal to tax higher income earners:
Investment guru Warren Buffett set off a political firestorm Friday with a series of interviews in which he appeared to distance himself from the tax policy proposal President Obama introduced under the billionaire’s name.
Buffett, making similar remarks in all three interviews, said he is happy with the use of his name on the legislation, but added he doesn’t know all of the details included in the proposal, and the only plan he advocated was a higher tax rate on people who “make money with money only.”
He noted he was describing a very limited number of wealthy Americans who earn the majority of their income through capital gains, which is taxed at a 15 percent rate.
“What I’m talking about would not apply to someone that made $5 million a year as a baseball player or $10 million a year on media,” Buffett said on Fox Business Network. “It would apply only to probably 50,000 people out of 309 million who have huge incomes, pay very low taxes. There should be a policy that applies to people with money who earn lots of money and pay very low rates. If they earn it by normal jobs what I say would not hit them at all.”
The billionaire businessman caused confusion with his remarks, and it was compounded by the fact that there have been no specific details from the administration regarding what additional taxes on millionaires would entail.