Right Hooks

The Other Buffett Rule

One for me, one for you.

May 5, 2014

Buffett Rule No. 1: The rich should pay their “fair share” of taxes, which happens to be no less than 30%. That’s what Barack Obama has been telling us for years, naming his “rule” after billionaire Warren Buffett. But the rich guy has his own rule: “I will not pay a dime more of individual taxes than I owe, and I won’t pay a dime more of corporate taxes than we owe.” In fact, Buffett added, “I will do anything that is basically covered by the law to reduce Berkshire’s tax rate. For example, on wind energy, we get a tax credit if we build a lot of wind farms. That’s the only reason to build them. They don’t make sense without the tax credit.” So not only will he not put his money where his mouth is by paying 30%, but he’s also taking advantage of tax credits to do things that otherwise make no economic sense. No wonder he’s the face of leftist tax policy.

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