Posted on 08/22/2008 8:43:47 AM PDT by Hadean
Buried in that 8,000 (!) word NYT magazine article about Obama's economic plan that I mentioned yesterday, is this bit flagged by Geraghty at Campaign Spot:
“If you talk to Warren [Buffet], he’ll tell you his preference is not to meddle in the economy at all — let the market work, however way it’s going to work, and then just tax the heck out of people at the end and just redistribute it,” Obama said. “That way you’re not impeding efficiency, and you’re achieving equity on the back end.” He continued by saying that he thought there was some merit in Buffett’s argument.
To which, Geraghty responds: "Isn't it reassuring to have a presidential candidate saying he sees some merit in 'taxing the heck' out of something?" Indeed. Expect the McCain camp to start running "Just tax the heck out of people" ads very soon.
This has the potential to be as devastating as Fritz Mondale's 1984 pledge, "I'll raise your taxes..."
Oh, therefore Buffett gets to have his fun and then only pays the piper once he’s ready to get out.
I don’t know who’s the bigger jerk sometimes.
Obama continues to give wonderful ad material for McCain to use against him, and all the quotes can come right from Obama’s own mouth!
As if people don’t behave differently if they know you’re going to tax the heck out of them?! Stupid beyond words (how did Buffet get so rich?)
susie
No surprise here. Remember Hillary promising that “we will be taking things away from you......”
But that by itself impedes efficiency. If investors (and that means everyone from Buffet down to grandma with a couple of thousand dollars in bonds) know that their gains and income will be "taxed the heck out of", they are less likely to invest and more likely to just try to hold onto their money. That reduces the capital in the US market and the amount of money available to start or to grow businesses. They will also try to find expensive ways to avoid taxes, similar to people buying life insurance from Buffet's companies to try to minimize estate taxes.
The premise completely ignores the “WarGames” lesson though: “interesting game ... the only winning move is not to play.” Obama will drive it all offshore.
Don’t you just love it when the fabulously wealthy advocate higher taxes? Reality is they can pay a ridiculous tax load and it will still have zero effect on their lifestyle. Not at all true for the other 99.9% of us.
MM
Newsflash, Barack and Warren......when you "tax the heck" out of the economy, the market doesn't work the way you think it will.
By paying the least amount of taxes that he could.
Mr. Buffett also told CNBC this morning that taxing oil profits doesn’t make any sense.
God for him. Bad for Mr. Obama who thinks God IS government.
Mr. Buffett also told CNBC this morning that taxing oil profits doesn’t make any sense.
Good for him. Bad for Mr. Obama who thinks God IS government.
You were 21 seconds faster and had more detail. That’s some great typing!
I’m sure. But, did he fail economics 101?
susie
IMO, Obama was toast when he said that determining when life begins is above his pay grade. Now we are just beating a dead horse. (Not that it isn’t fun, though.)
Oh really? That's like peeing your pants just to keep your butt warm. It only works once for a short time and ultimately, you're far worse off.
GOLD!
He doesn't pay the piper. All his money is in trusts structured to be tax free.
Paying taxes is for the suckers who can't afford to employ a team of tax advisers.
Yeah. Saddle me with a 90% marginal tax rate. That won’t effect the economy, it’ll just keep humming along.
WHAT A FRICKING MORON.
I’m reminded of the stupid Congressional Budget Office that projected year-on-year revenues resulting from 100% taxation. And just in case you were wondering, the revenues to the government went up after the first year the government started to confiscate 100%.
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