The Right Opinion

Warren Buffet Is an Idiot

By Burt Prelutsky · Dec. 6, 2012

I wouldn't want anyone to think I don't like Warren Buffet because he's rich. For one thing, I don't engage in class envy or any other kind. Maybe if I found out he could play the piano or do impressions of movie actors or even juggle, I might be slightly green. But the unvarnished truth is that I don't envy people like Buffet and Bill Gates their fortunes. I admit I'd like to be wealthier than I am because I don't like having to think about money at all. But once you get to be as rich as guys like that, I don't know how you have time to think about anything else.

When you have 30 or 40 billion dollars, I would imagine that just keeping track of it would keep you pretty busy. I bet billionaires spend countless hours meeting with boring guys in suits who cart around attaché cases and are named Roger or Malcolm, talking about what to do with all that loot. I bet it keeps them busier than a Jack Russell herding sheep.

I also wager they spend a great deal of time worrying about people stealing their money. I mean it. How would they even know? It's not like they can keep it stuffed in their mattress.

Perhaps it's all that worrying that explains why Buffet says so many really foolish things. But even his stupidity wouldn't be so unbearable if he didn't insist on compounding it with his hypocrisy.

For instance, in 2006, he complained that he only paid his income taxes at a rate of 19%, whereas his secretary paid at a rate of 33%. “How can this be right?” he huffed.

Well, the answer is pretty simple. He paid at a lower rate because his money came to him in the form of capital gains and dividends, whereas hers was strictly salary.

The better question he should have asked is why did he have to pay at such a high rate, considering he had already been taxed on the money that he then invested in stocks and bonds, thus helping to grease the gears of a capitalistic economy, allowing businesses to expand and hire more workers. Talk about no good deed going unpunished!

What's more, when Mr. Buffet finally moves on to the big boardroom in the sky, the feds will scoop off even more of his money in the form of death or estate taxes.

In 2008, his worth was estimated to be $62 billion – that's billion with a “b” – but, through the Bill Gates Foundation, he has since given away about $25 billion to various charities.

What I don't understand is, one, why he is so anxious for the feds to take an even bigger bite out of his pile; and, two, why, if he is so offended by the low tax rate for rich people, he doesn't simply write a bigger check on April 15th.

Even back in 2006, when he began bitching about his 19% tax rate, he only sent the IRS $48 million. What stopped him from sending them $96 million? There's no law that says that just because the rate is 19%, you can't pay 38% or 76%. Heck, he had $62 billion stashed away. Would he really have missed $30 or $40 billion?

Wouldn't it have been a lot manlier of old Warren to just write a check that ended in nine zeroes than to gripe about what other people were paying? If I remember correctly, even his pal, Obama, only paid at a 20% rate last year. But at least he didn't go around whining that he and Michelle weren't paying enough.

But maybe Warren just isn't the sort of guy who wants all the attention that would go with writing a $10 billion check. Still, what's to stop him from paying lots of other people's taxes? His secretary's, for instance?

I'll tell you what really isn't fair. It's not fair that although he claims he wants to send more money to Washington, he doesn't; whereas I, who don't want to send the schmucks a plugged nickel, can't get away with shortchanging the IRS without risking a lengthy spell in Leavenworth.

Not content with having helped finance Obama's re-election, Buffet has spoken out in favor of Obama's desire to raise the tax rate on capital gains to something like 45%. He insists with a straight face it would do nothing to curtail investment. Oh, sure, just like the financial cliff and ObamaCare haven't done anything to curtail investment. I knew that Buffet had a head filled with rocks, but does he also live under one?

Why on earth, and especially in this economy, would anyone take the risk of investing in the stock market if 45% of his potential profit would wind up in the hands of Washington bureaucrats?

The question often put to opinionated people of moderate means is: If you're so smart, why aren't you rich?

The appropriate question where a goofus like Buffet is concerned is: If you're so rich, why aren't you smart?

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61 Comments

jerry in trail bc canada said:

pay taxes accordingly i do just like the rest of of us low life working class we work just as hard if not harder for pin heads like you but you get all the tax breaks whats up with that PAY TAXES ACCORDINGLY

Thursday, December 6, 2012 at 12:45 AM

Burt Prelutsky in North Hills, CA replied:

jerry: Just for the record, there's a reason they invented punctuation.

Burt

Thursday, December 6, 2012 at 1:09 AM

larry in illinois replied:

jerry thanks for your mindless rant since you dont know the first thing about burt let alone how much or little he pays in taxes and why would you even care about this in the first place since you are a koolaid drinking CANADIAN.

Thursday, December 6, 2012 at 10:36 AM

wjm in Colorado replied:

Hey Frostback, thanks for posting and removing all doubt on your mental bankrupcy.

Thursday, December 6, 2012 at 10:41 AM

richard ryan in Lamar,Missouri replied:

jerry, I can`t even make out what the hell you`re talking about. Do all Canadians talk like you, or just the ones in bc?

Thursday, December 6, 2012 at 11:21 AM

Burt Prelutsky in North Hills, CA replied:

Thank you, Larry, wjm and Richard, for putting Jerry in his place. I sure hope that he's the only guy in British Colombia who hasn't been introduced to commas and periods.

Burt

Thursday, December 6, 2012 at 1:06 PM

enemaofthestatistquo in Monroe, GA replied:

Lets not be too hard hard on Jerry, after all he is Canadian and English is his second language. Besides, I think his rant is referring to Buffet?

Thursday, December 6, 2012 at 2:28 PM

Howard Last in Wyoming said:

Burt, there is someone else, George Soros, that fits in the same class as Buffet and even an entire three generation family, the Kennedys. No I take that back Soros and the Kennedys are worse. Soros got his money from the Jews Adolph shipped to his camps. Soros claim to fame is bankrupting countries. Joe Kennedy was a bootlegger, somewhat like Capone, but he dealt in Scotch. Old Joe paid off Joe Stalin's best friend, FDR, to be the ambassador to the UK. Joe then paid off politicians (politicians that could be bribed, I am shocked) to get the vote for his son. His other son excelled at underwater driving and assaulting women. The Hero of Chappaquiddick even got old Joe's grandson to take part in a rape (oops they were acquitted). Soros is the main money guy behind Barry. He wants to have U.S. currency go the way of the Weimar Republic so his ill gotten fortune is worth more. Sort of like Goldfinger and gold. The Kennedys have a gaggle of tax lawyers protecting their ill gotten gain (remember Joe was a bootlegger), but your taxes need to go up. Teddy the environmentalist wanted windmills (also known as bird and bats chopper uppers) all over the place except where they would spoil his view. I forgot one other guy, John Corzine, his investment company lost several billion, sort of like Bernie Madolff, except he is still walking free. Also when Corzine was a senator he was against people investing their retirement funds in the stock market. So I assume when he was head of Goldman Saks he told his clients to put their money under the mattress. Except these are not idiots, the morons follow them or who voted for them or Barry are.

Thursday, December 6, 2012 at 1:53 AM

Howard Last in Wyoming replied:

Oops that should be. Except these are not idiots, the morons who follow them or who voted for them or Barry are.

I guess this is why I didn't write for a living.

Thursday, December 6, 2012 at 2:06 AM

Burt Prelutsky in North Hills, CA replied:

Howard: I don't disagree with you. However, the Kennedys are all gone and Soros hides in the shadows. But even some Republicans pay homage to Buffet for no other reason than that he's piled up a lot of money or given so much to charity, although those contributions have mainly gone to support left-wing groups and agendas.

Burt

Thursday, December 6, 2012 at 1:09 PM

Howard Last in Wyoming replied:

Burt, one of the Kennedy grandkids ran for congress, I don't know the results. One of your readers will probably know. Soros should be tried as a war criminal. As for Corzine, he should be sharing a cell with Madoff.

Thursday, December 6, 2012 at 4:11 PM

L.L. Smith in Savannah, Tn. said:

Burt: I watched the news last night about the terrible mess New Jersey is in. My heart went out to them until one said, "I will have to spend my own money" All sympathy disappeared in a gust of wind. He wants to save his money and spend mine.Thst is the mentality that causes us to be in the financial mess we are in.The politicians recognize idiots and cater to them. Have a good day.

Thursday, December 6, 2012 at 5:57 AM

Burt Prelutsky in North Hills, CA replied:

L.L.: Whenever I find myself feeling too sad about the victims of Sandy, I remind myself that the majority of them voted for Obama twice. I'm not saying the hurricane was divine intervention, but I'm sure not claiming it wasn't.

Burt

Thursday, December 6, 2012 at 1:11 PM

enemaofthestatistquo in Monroe, GA replied:

Obama wanted to go to NJ before Sandy hit to avert its impact, but Biden advised against to spare his home state of Delaware the brunt of the storm?

Thursday, December 6, 2012 at 2:33 PM

wolfpat in Siler City, NC said:

When they talk about the tax increases, the "Rich" are defined as 250K or higher. But when the legislation goes into law, the "Rich" are defined as "Anybody with a job".

I know that I am FAR from "Rich", but my taxes always go up when theirs do.

Thursday, December 6, 2012 at 6:14 AM

wjm in Colorado replied:

Business don't pay taxes, their customers do. Most of the "rich" are small business owners, who will have to raise prices or go out of business if their profits are cut to nothing. Those who patronize the business will pay, in effect their taxes go up, so, your arguement is correct, if their taxes go up, so do yours.

Thursday, December 6, 2012 at 10:45 AM

Burt Prelutsky in North Hills, CA replied:

Patrick: Even without the fiscal cliff, our taxes will go up thanks to ObamaCare.

Burt

Thursday, December 6, 2012 at 1:12 PM

WTD in AZ replied:

While quality and availability of medical care head in the other direction at an alarming rate.

Thursday, December 6, 2012 at 4:15 PM

Arabiascott in Indiana said:

My question for Mr. Buffet is, "If you're so stupid, how'd you get so rich?"
This dishonesty of such liberal snobs staggers me. They betrayed their own class to the welfare moochers and unemployed student socialist pretenders, as if those are the people who ought to be directing the republic. And it isn't only the productive rich that have done this. Hollywood is crowded with wealthy pretenders who are sellouts to the progressive left. This self-destructive behavior is a complete mystery to me. Do they really not want to CONSERVE their wealth, not to mention their liberty?

Thursday, December 6, 2012 at 7:37 AM

wjm in Colorado replied:

Their liberty is associated with cozying up to the ruling elite. You and the rest of the sheeple be damned.

Thursday, December 6, 2012 at 10:51 AM

Burt Prelutsky in North Hills, CA replied:

Arabia: The folks in Hollywood want all the perks that go with great wealth while at the same time appearing to be compassionate about the less fortunate. Keep in mind these people are paid to pretend.

Burt

Thursday, December 6, 2012 at 1:15 PM

Howard Last in Wyoming replied:

Burt, this is one of the reasons I hope another movie is never made. Let the liberal snobs get a real job. What they are not qualified to do anything.

Thursday, December 6, 2012 at 4:16 PM

George Rogers Clark in Ohio replied:

Howard, you are on to something. What if all patriotic Americans just boycott movies, for a long time, and when the media starts finally admitting that ticket sales are down, we use some really big public forum (YouTube?) to tell the world that we are done. And unless they promise to change their ways, we will not bring our money back to the ticket offices, ever. Wait, wait.... I want to see Denzel in "Flight" again before we strike.

Thursday, December 6, 2012 at 5:30 PM

MajorStu in Peru, IN replied:

Since so many libs want to soak the rich, along the lines of Buffett and Obama, why not give them what they ask for? I propose a 20% surtax on any proceeds from movies or salaries to movie actors over $250,000. Surely these 1%ers can afford to sacrifice just a little more for the good of the country. If 5% is good medicine for the dry cleaner store on the corner, for the guy who voted against higher taxes, 20% should be a fair and balanced surcharge for those who voted for higher taxes and more Government cheese.

Thursday, December 6, 2012 at 9:30 PM

p3orion in Midland, Georgia replied:

You'd never be able to coordinate them all to do it. Heck, we couldn't even get them all to go to the polls and vote this time...

Friday, December 7, 2012 at 9:09 AM

Honest Abe in North Carolina replied:

Hypocracy, thy name is Hollywood. These folks would never survive without all their money and fame. If they are true to their liberal "beliefs", why do they live in huge mansions with electric fences around acres of land, drink French champagne, demand outlandish perks, wear expensive clothes and jewelry, and have a staff of lackeys to make them look intelligent and do all their real work. Ironically, in the socialist world they desire they would be the first to disappear.

Saturday, December 8, 2012 at 1:16 PM

Wayne in Hinesville, GA replied:

Arabis, You have to remember that the Hollywood crowd lives in a world of make-believe. The've forgotten that life is not like a movie. They have no idea what its like to live in the real world where paying the mortage/rent,. putting food on the table, clothing your kids, and maybe some left over for entertainment is the norm. They've forgotten what it was like not having people cater to their every need.

Thursday, December 6, 2012 at 1:38 PM

enemaofthestatistquo in Monroe, GA replied:

& Ashley Judd wants to run against Mitch McConnell for Senate Kentucky, I apologize for everything negative I've ever said about McConnell.

Thursday, December 6, 2012 at 2:37 PM

Howard Last in Wyoming replied:

Eotsq, after Boehner's and McConnell's actions this week on the taxes I would not apologize for anything I said about both RINO's

Thursday, December 6, 2012 at 4:19 PM

George Rogers Clark in Ohio replied:

Oh, crap, enema...... I never heard about Ashley Judd. Really? I have a proud connection (by my namesake) to Kentucky. But as little faith as I have left in McConnell I would STILL CAMPAIGN for him. Please, no current crop of movie stars in politics. Ronald Reagan does not count. If he could be resurrected I would vote for him again.

Thursday, December 6, 2012 at 5:36 PM

enemaofthestatistquo in Monroe, GA replied:

George, Yep, A 4 minute story about MS Judds possible plan to oppose McConnell 2014 on one of the alphabet nets,rforget which one. They were giddy about the prospect. Shes an activist Obama acolyte

Thursday, December 6, 2012 at 11:48 PM

Doktor Riktor Von Zhades in Western KY replied:

She will not get my vote....

Thursday, December 6, 2012 at 9:39 PM

Ray in Ventura in Ventura, Ca said:

Have we not been "buffeted" enough by that jerk? I'll take Joe the plumber any day!!

Ray

1

Thursday, December 6, 2012 at 8:04 AM

Burt Prelutsky in North Hills, CA replied:

Ray: Can't we have a third option? Please.

Burt

Thursday, December 6, 2012 at 1:16 PM

George Rogers Clark in Ohio replied:

Well, Burt, that sounds better than getting Joe Biden as the second option to Obama.... No, No, you are correct... that would surely require a third option.

Thursday, December 6, 2012 at 5:39 PM

Orf in Pittsburgh said:

Isn't a buffet a sideboard or a counter where you go for refreshments? Does this Buffet provide goodies for us? Or did you mean buffet the verb, like to strike or struggle repeatedly as he plows through everyone else? I think the verb form fits best.

Thursday, December 6, 2012 at 10:01 AM

Robert in NEW Mexico said:

Is there any chance that Buffet has a tax sheltered investment plan in the works that will make him even richer when the potential investors run from the new tax rates.

As an aside, plenty of dim-o-crat congress persons have a lot of money invested in companies who develop medical tracking software, which is a required element of Obamacare. They all stand to make money off of this.

Last, I read Tim Geithner is fully prepared to go off the fiscal cliff. I wonder if that means he's giong to sell short on his investments and make a fortune when the economy tanks.

Thursday, December 6, 2012 at 10:24 AM

Burt Prelutsky in North Hills, CA replied:

Robert: Of course Geithner will. And if history tells us anything, it's that he'll then forget to pay his taxes.

Burt

Thursday, December 6, 2012 at 1:18 PM

Tapdaddy in Indiana said:

The only reason, Warren is taking the President's side is to avoid being noticed. As long as he parrots what the President says he is left alone.
Were he to say what he really thinks he would be dogged by non-stop audits and bad press. Right now he is as close to being loved by the administration
as he possibly can be.

Thursday, December 6, 2012 at 11:03 AM

richard ryan in Lamar,Missouri said:

Burt: Loved the bit about being as busy as a Jack Russell herding sheep. Sometimes I feel that way, but it`s not from worrying about my money, or the lack thereof. At least I don`t have to worry about myself, my wife or kids and grand kids being kidnapped for ransom. As for the schmucks in DC, while I love that word, I prefer to just come straight out and call them pricks.

Another great piece by my favorite writer. Keep on keeping on.

Thursday, December 6, 2012 at 11:34 AM

Burt Prelutsky in North Hills, CA replied:

Richard: Thanks for the kind words. Have you oedered your copy of your favorite writer's latest book, "67 Conservatives You Should Meet Before You Die." Two of the 67 are Mark Alexander and me. How's that for an incentive?

Burt

Thursday, December 6, 2012 at 1:20 PM

George Rogers Clark in Ohio replied:

Ah, man! My old brain slipped a gear again. Thanks, Burt, for the book reminder. I meant to see if I could find it on Amazon and I forgot. I will try again tonight. I have to read it. I have to. Really.

And yes, Like Richard, thanks again for a good piece of writing.

Thursday, December 6, 2012 at 5:44 PM

septuagenarian in Canada said:

After reading the first few comments...the one from the illiterate in BC, followed by several responses...I would like to let all of you know that not everyone in Canada is a socialist or an Obama devotee. In fact, just the opposite. Many of us care a great deal about what is happening in the US and are in agreement that Obama is a very dangerous and destructive leader. He and his family are the biggest "users" of tax dollars in the history of the Republic, costing American taxpayers an estimated 1.4 Billion dollars a year to support their lifestyle, recreation and extensive vacations. Talk about people with an "entitlement" attitude! That is 20 times what the UK spends to support the Royal Family per year, (which is way too much!) We have long admired the US as the greatest country in the world and are saddened to see what it is rapidly becoming. It has now far surpassed Canada in its Marxist/Socialist ideology. Truthfully, there are many in Canada with that same bent...but please know that there are pockets of us in rural areas...much like the freedom loving, small government preferring American heartland...who are cheering on the American patriots who oppose their country being taken over by the liberal progressives. May the RIGHT side prevail!

Thursday, December 6, 2012 at 12:54 PM

Burt Prelutsky in North Hills, CA replied:

Carol: Great to hear from you. Even here in California, once you get, say, 50 miles in from the Pacific coast, this state is as red as Oklahoma. Unfortunately, most of us live within that 50 mile limit.

I know that all Canadians aren't as stupid as Jerry. Only Israel has neighbors that ignorant.

I also want to tip my hat to Canada because in the recent vote at the U.N., granting non-member state status to the Palestinians, Canada was one of only eight nations that sided with the U.S. in voting against the measure, and four of the eight were small South Pacific island nations.

Burt

Thursday, December 6, 2012 at 1:27 PM

Howard Last in Wyoming replied:

Carol, where will you and your fellow citizens of Nova Scotia go for medical care with the hospitals in Buffalo, NY under Barrycare?

Thursday, December 6, 2012 at 4:26 PM

George Rogers Clark in Ohio replied:

Thank you, Carol. Many of us here in the States know your care and concern for our once great republic. I have just recently began checking
http://canadafreepress.com . It appears to be very pro American and reasonably conservative.

Thursday, December 6, 2012 at 5:48 PM

Dioneikes in Colorado said:

Because Buffett is a douche! That's why he's whining about taxes. If he's really that concerned, why doesn't he give ALL of his Billions to the gummint, that way he wouldn't have to worry about all that money and "his fair share" anymore? Why didn't his give his secretary a bigger Christmas bonus? He's a cretin!

Thursday, December 6, 2012 at 1:39 PM

Burt Prelutsky in North Hills, CA replied:

Son: Amen.

Burt

Thursday, December 6, 2012 at 6:56 PM

enemaofthestatistquo in Monroe, GA said:

All this talk about reforming taxes, making the mortgage interest deduction less, etc. Yes the ones that effect the little guy will be modified, but new ones that reward investments in "GREEN" will be introduced in small print on page 1000 of the bill, the and the "rich" will be induced to invest in those companies to the detriment of companies which are in proven profit industries.

Thursday, December 6, 2012 at 2:42 PM

BJ in St. Cloud, MN said:

L.L.-I agree with you. Last night Fox showed the outraged people telling the govt to get their butts in there to save the day and the Fox good looking girl and later Gretta, said if no help arrived soon they'd have to spend their own money. Tha mentality makes me want to be sick. In my perfect world when someone needs "welfare" of ANY kind, they will get my help when they've sold their belongings, run out of money, have no car, cell phone, microwave, or premade dinners. When they are unable to help themselves I will provide the line they stand in to get their flour, cheese, butter, and rice-each day. I do not want to pay for anyones tobacco, crack, alcohol, phone, car, etc to include all the extras I get because I work. I am OK with keeping people alive, fed, educated, and healthy but not when the money I give goes thru the hands of the cancerous DC crowd. Because of the scum like the obama minions I no longer own my own life since a large part of it is taken from me for the collective. And still, a liberal will stand and argue that this ain't socialism.

God Help Us

Thursday, December 6, 2012 at 4:29 PM

Burt Prelutsky in North Hills, CA replied:

BJ: In my own case, I don't want to give anything to anyone unless I know them personally. I need to know two things: One, that they are truly innocent victims and that they're not suffering the consequences of their own actions (booze, drugs, high school dropouts); and, two, that they did not vote for Obama.

Burt

Thursday, December 6, 2012 at 7:00 PM

Attila in Puerto Vallarta, Mexico said:

Maybe he is not so smart; could he be an idiot savant?

Jack Russells herd sheep? Mine has been apparently sandbagging for years. He has been very busy posing in a way to show off his magnificence, flying thru the air to easily outdistance larger creatures, and protecting his food dish from those evil Democrat creatures in the fifth dimension.

Thursday, December 6, 2012 at 5:53 PM

Burt Prelutsky in North Hills, CA replied:

Attila: Buy him his own flock of sheep and Jack will herd them from sun up to sundown.

Burt

Thursday, December 6, 2012 at 7:02 PM