Beware of billionaire philosophers

My biggest gripe against the super-wealthy is that so many of them, having succeeded in one aspect of life, come to believe that they are experts in everything else.

I have had occasion to write before about the increasingly annoying Warren Buffett, a man of unquestionable business acumen who insists on spouting inanities about everything from birth control to fiscal policy. He was at it again recently, claiming to be yearning for higher taxes (small digression: did he yearn for higher tax rates when he was starting out in his business career, or only after he made such an ungodly pile that nothing short of outright confiscation could significantly reduce the quality and quantity of fare on his dinner table?). Charles Kadlec of Forbes takes the old windbag to task.

Billionaire Warren Buffett's call last week for higher capital gains and income tax rates on those with incomes above $1 million a year may appear to be an act of noblesse oblige. In reality, Buffett has betrayed his duty to those less fortunate by lending his name and prestige to an ignoble myth – that taxes targeted at the rich do not affect the middle-class and poor. Nothing could be further from the truth.
What makes the tax-the-rich myth so insidious is that Buffett most likely would not suffer any change in his standard of living if his taxes were doubled to $14 million a year. With an annual income of approximately $40 million, he can pay more for just about anything he chooses.

And, as is almost invariably the case with liberals, who should we find lurking in the corner but our old friend, Hypocrisy?

Buffett's own actions suggest that he knows all this. He could lead by doing – and simply write a check to the federal government in an amount over and above what he has to pay in taxes. But, in fact, he has done just the opposite. Mr. Buffett has sheltered the bulk of his fortune from the federal death tax by putting it into several foundations that, over time, will give the money away.
In a 2007 CNBC interview he provided the following explanation: “I think that on balance the Gates Foundation, my daughter's foundation, my two sons' foundations will do a better job with lower administrative costs and better selection of beneficiaries than the government.” (Emphasis added.)

Ahhh, y-e-s-s…. So, in other words, Buffett is essentially saying, “The government is just dandy as a money-manager for all of you little people out there; however, when it comes to real dough, I’ll take care of my own, thanks.”


J. Packington Paco III: “I may be a bit of a pirate, but at least I’m not in league with the Coast Guard to suppress other aspiring buccaneers.”

Update: Haw!!!