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.”
We wrote about Ben Graham's activism at northern pipe line, but there are other interesting stories involving the father of value investing Value investing and activism go hand-in-hand. Benjamin Graham, the godfather of value investing, discovered how important it is to incorporate activism into a value strategy relatively early in his career, a strategy that Read More
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: