Warren Buffett’s Op-Ed piece in Sunday’s New York Times has caused quite a stir. His premise: U.S. tax law since 2000 has reduced taxes for the wealthy, while increasing the burden on the less fortunate, thereby setting up an inequality that will create difficulties for U.S. society.
Following hot on the heels of Washington’s debt ceiling standoff, Buffett’s contrarian view is embraced by Liberals while eschewed by Conservatives. It is a thorny issue indeed. Paying taxes is like visiting the dentist: I don’t know anyone who looks forward to either.
Yet, this is not a new theme for Buffett. He’s been talking publicly about the structural inadequacies of the U.S. tax system since at least 2007 - notably, in this interview with Tom Brokaw in 2008 (run time: 4 minutes, 41 seconds).
While the Brokaw interview has a folksy charm to it, Buffett provided considerably more detail to his arguments when he testified before the Senate Finance Committee on November 14, 2007 (RT 5:18 in length).
If you really want to understand Buffett’s views, here is a video shot on August 15, 2011 - the day following the NYT Op-Ed piece. Buffett is interviewed by Charlie Rose (RT 51:18). It’s a lengthy play, and Buffett makes his attitudes regarding the Tea Party clear. But, Buffett’s views are clear, and his opinions worth understanding.
Charlie Rose Interviews Warren Buffett http://www.charlierose.com/view/interview/11845
Those of you who follow this blog know that I am an unabashed fan of Warren Buffett. Yet, I’m about to exclude other views in forming my own opinion. To that end I offer up a critique of Buffett’s NYT Op-Ed piece written by Jeffrey Miron, undergrad studies director at Harvard and Senior Fellow at the Cato Institute.
The debate on taxation is not going to end this week. It’s just starting, and should reach full swing by the 2012 elections.
Tax the rich to fund government spending? Or allow the private market to allocate dollars better than elected officials? You decide.
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