Please write and send praise, critique, interesting links or random musings to

Sunday, August 21, 2011

Warren Buffett - Or, The "Socialist" According To Fox

Aug 20th 2011

This is why we don't have honest debates. Fox Business' Eric Bolling responded to the widely read Warren Buffett op-ed from this past Monday by basically conflating his views with socialism. That's all it took.

A highly principled call for tax reform from one of the most successful capitalists in American history is published. His position does not adhere to FOX orthodoxy. Therefore, he is a "socialist."

Here's a portion of what Buffet wrote:

"While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.

Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent."

Look out Warren. The Murdoch Device has been set to "smear." In an exchange with Marc Lamont Hill, Eric Bolling reported exactly the position Fox wants it viewers to decide to agree with.

Via RawStory

"What is this, is he completely a socialist and he’s playing into Mr. Obama’s hands of “Tax anyone who makes money’ and give it to people who don’t work," Bolling asked.

Hill replied: So basically anyone who disagrees with you is a socialist? Now Warren Buffett, one of the greatest profit makers in human history, is a socialist? I mean, come on. He’s simply saying people need to pay their fair share."

No comments:

Post a Comment