Warren Buffet on Bush Tax Cuts:

[scheming daemons]

BECKY: ... if they're not renewed. The President has put forth his-- his position. Which is that-- they should be extended only for the middle class and not for the upper three percent. Peter Orszag, his outgoing budget director, said that he'd like to see that, too. But if it's not politically feasible, he'd rather see tax cuts passed for everyone-- than for no one. What do you think?

BUFFETT: Well, I don't think they'll end up being passed for no one. So, I-- I think that-- but Peter did put the argument that way. He-- he didn't say this is the most desirable policy, he just said this is the most politically feasible policy. But-- the-- way the tax system has gotten tilted toward guys like me over the last 20 years is-- as opposed to the middle class, you know, in my view, is a little obscene. So, I-- I think-- I'm not saying $250,000 necessarily. But-- but-- at the-- at the high end-- and-- and the people who are getting their huge incomes through capital gains and-- I just-- I just think that-- when a country needs more income and we do, we're only taking in 15 percent of GDP, I mean, that-- that-- when a country needs more income, they should get it from the people that have it.

BECKY: You think it's okay to raise taxes at a time when the economy's uncertain?

BUFFETT: I think-- sure. On some people. Yeah. I-- I don't want to raise 'em on 90-- you know, 98 percent of the people, but-- but-- no, I think the inequities that have gone into the tax code in the last 20 or 30 years compared to the situation that existed when this country was very prosperous in 1960, 1970, 1980 and so on, I-- I think it's-- I just think it's been tilted toward the rich.

BECKY: You said that you think it is politically feasible to get something passed, but if the President-- President has to compromise to get something through, do you think he should?

BUFFETT: In the end, he has to do something. I mean-- that-- the laws expire by-- by their nature. No, I-- but-- I-- I play pretty tough if I was him -- (LAUGHS)

Full interview:
http://www.cnbc.com/id/39321868

[TBF]

1. Warren knows money -

and he is right.

[flyarm]

2. Bufffet is 100% right! eom

[cbdo2007]

3. Warren Buffett knows a lot and doesn't get the respect he deserves here on DU.

[Change Happens]

4. I am a huge Warren Buffet fan! Always followed his advice, love his views on things.

[txaslftist]

5. It's a bit funny, really.

Our forefathers (political forefathers, if not biological ones) touched off the bloodiest and (up til now) longest American war in our history partially over a tax in the area of 10%. Now we are taxed at something like 60% of our income and ready to ask for more.

I guess it's because government spends the money so much more wisely than we could.