Even the front page of the Royal NZ Herald’s Business section went gaga this morning over Warren Buffett. Why? Because the billionaire is calling for bigger taxes on billionaires like him and Bill Gates. Tim Carney reminds us however:
As most of the media goes gaga over Billionaire Obama fundraiser Warren Buffett calling for tax hikes, (like he did in 2001, and 2004, and plenty of times in between), let’s remember a few things.
Buffett Profits from Taxes He Supports
Buffett regularly lobbies for higher estate taxes. He also has repeatedly bought up family businesses forced to sell because the heirs’ death-tax bill exceeded the business’s liquid assets. He owns life insurance companies that rely on the death tax in order to sell their estate-planning businesses.
Buffett Profits from Government Spending
Buffett made about a billion dollars off of the Wall Street bailout by investing in Goldman Sachs on the assumption Uncle Sam would bail it out. He also is planning investments in ethanol giant ADM and government-contracting leviathan General Dynamics.
If your businesses’ revenue comes from the U.S. Treasury, of course you want more wealth.
Buffett can give great advice on how to make money. His advice on how to steal it should be put where the sun doesn’t shine.
[Hat tip Economic Policy Journal]