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After his manifesto in the New York Times last August titled “Stop Coddling the Super-Rich,” Berkshire Hathaway Chairman and Chief Executive Officer Warren Buffett—a man who had seemed universally admired in capitalist circles for both his business acumen and kindly Midwestern disposition—found himself under attack. In the article he’d questioned a tax code in favor of the “mega-rich,” and declared “it’s time for a shared sacrifice.” A Republican chorus called on him to simply open his checkbook if he felt his taxes were too low. Corporate titans such as former General Electric Chairman Jack Welch and former American Express CEO Harvey Golub expressed their disappointment, as well. Now that the Obama administration hopes to make the “Buffett Rule” official policy (in his State of the Union speech in January, President Obama invoked it as a proposed 30 percent minimum tax on incomes over $1 million), Bloomberg Businessweek compiled some of the criticisms of Buffett and his namesake rule—and the instances when the Oracle of Omaha deigned to respond.
“He should just write a check and shut up. Really. And just contribute. OK? I mean, the fact of the matter is that I’m tired of hearing about it. If he wants to give the government more money, he has the ability to write a check. Go ahead and write it.” —New Jersey Governor Chris Christie, Feb. 22, 2012, regarding the Buffett Rule
Buffett’s Response: “It’s sort of a touching response to a $1.2 trillion deficit, isn’t it? That somehow the American people will all send in checks and take care of it?” —Feb. 27, 2012
“If he’s feeling guilty about it, I think he should send in a check. … But we don’t want to stagnate this economy by raising taxes.” —Senator Mitch McConnell (R-Ky.), Sept. 18, 2011, regarding the Buffett Rule
Buffett’s Response: “It’s sort of astounding to me that somebody that has the responsibility for being the Minority Leader in the Senate would think that you attack a $1.2 trillion or so deficit by asking for voluntary contributions.” —Feb. 27, 2012
“If Warren Buffett believes that he is not paying enough taxes, then he should write a check today to the United States Treasury.” —Representative Michele Bachmann (R-Minn.), Sept. 19, 2011, regarding the Buffett Rule
“I think Mr. Buffett is a real intelligent individual, but I can promise you, he doesn’t know what’s going on in places where the job creation is at a zero because of over-taxation and over-regulation.” —Texas Governor Rick Perry, Sept. 29, 2011, regarding the Buffett Rule
“If Warren Buffett really believes in BYD’s electric car technology, then why doesn’t he drive a BYD car instead of an American car? Doesn’t that tell you something about what he really thinks of BYD?” —Terry Gou, chairman and founder of Hon Hai Precision Industry and Foxconn, June 9, 2011 (Buffett is an investor in BYD, Hon Hai’s competitor. The two companies were embroiled in an intellectual property lawsuit)
“Class warfare will simply divide this country more. It will attack job creators, divide people, and it doesn’t grow the economy. Class warfare may make for really good politics, but it makes for rotten economics.” —Representative Paul Ryan (R-Wis.), Sept. 18, 2011, regarding the Buffett Rule
“I pay over 30 percent every year. I don’t feel undertaxed in any way at all.” —Jack Welch, Feb. 22, 2012, regarding the Buffett Rule
“Buffett has skirted our attention for many years and he will be in our crosshairs. He has made a bet on coal being around for longer than we anticipate, and we are going to make sure he never sees that dream.” —Bruce Nilles, director of Sierra Club’s Beyond Coal campaign, Dec. 22, 2011, referring to Berkshire Hathaway’s investments in coal
©2011 Bloomberg L.P. All Rights Reserved.
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