The Who2 Blog

Super-Rich Warren Buffett: 'Stop Coddling the Super-Rich!'

Photo of Warren Buffett, white hair rumpled, raising his hand and speaking while he talks in front of a Congressional panel of some kindGod bless Warren Buffett, who's always willing to state the obvious truths:

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.

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.

But gee, Mr. Buffett, won't higher taxes make rich people pout and stop investing in new businesses?

I have worked with investors for 60 years and I have yet to see anyone -- not even when capital gains rates were 39.9 percent in 1976-77 -- shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off.

Still, what does Warren Buffett know about capitalism, investing, or running a business? Practically nothing.