Warren Buffett, CEO of Berkshire Hathaway ( NYSE:BRK.A, NYSE:BRK.B) has repeatedly called for higher taxes on the rich. Buffett reiterated it today in a call in an interview with CNBC today. President Obama seizing on the opportunity has called for a Buffett tax on millionaires.
Buffett was vocally criticized by Governor of New Jersey, Chris Christie in an ABC ABC interview last week. Christie stated “He should just write a check and shut up. Really. And just contribute. I’m tired of hearing about it. If he wants to give the government more money, he’s got the ability to write a check. Go ahead and write it.”
On a separate note, Christie has proposed a 10% tax cut for New Jersey residents.
Now Warren Buffett in an extensive interview today fought back.
Buffett stated sarcastically that it was “a touching response.”
He further stated “It’s sort of a touching response to a $1.2 trillion deficit, isn’t it? That somehow the American people will all send in checks and take care of it?”
We agree with Buffett on this one. Even if Buffett gave every single penny of his $50 billion to the IRS, it would not make a dent in the Federal deficit. Whether one agrees with Buffett or not, christie and many on the right seem to be missing the argument.
If anyone can get the two together for a debate it would be quite some fun for everyone….
Watch Buffett in action below:
'Get ValueWalk's Daily Edition By Email and Never Miss Our Top Stories' 
The proplem is optics. Taxing the ultra rich won’y make a dent but it will sent the right message on shared sacrafice.
Even if taxes were raised on the “rich” and corporations it wouldn’t make a huge dent in the deficit. If he believes it’s a good idea he should write a check just as he writes checks because he believes in buying a good business or writes a check to a charity. Like most democrats Buffett really wants someone less to pay the taxes while he does everything he can to avoid paying them. His offer to pay 3 times the amount Senator McConnell contributes toward the deficit is like me saying I’ll contribute 3 times what someone making minimum wage will. Why doesn’t he just write the check as an example to everyone else and get a group of his rich friends to all do the same? Might give him some credibility.
But he doesn’t want to pay the tax. Love how he spends 99% on taxes and 1% or less on spending(the real problem).
Very weak argument. I hope its ignorant too. Anyone knowing that Buffett is donating more than 99% of his wealth to the foundation would not make such an argument.
The fact that his donating money to charity is a separate issue
If Buffett thinks paying more tax is a great idea he should announce he’s changing his mind and when he dies, leaving all his money to reduce the deficit. Then get his other rich friends to do the same. It will never happen because they know it’s a waste of their money. He can voluntarily lead on this issue but won’t because he really wants other people to pay. Buffett is handled with kid gloves on CNBC they should’ve asked him why he won’t do this. Buffett say he’ll contribute 3X the money of someone he has $50 billion more than. Completely disingenuous and he got away with it.
That is true spending is bigger problem than revenue. Interesting how Obama loves quoting Buffett about raising taxes, but ignores Buffett’s call for Govt as % of GDP to be closer to 18% from 24ish today…..