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Tax more I think that corporations should be part of that act at all prior Texas whether they should be on individuals and consumption and so.
Or there might make money out of offense right sometime they've got a little bit more money in a play that was Warren Buffett of Berkshire Hathaway vice chairman.
Charlie of longer essentially -- -- claiming that since the brits are doing so well surely a lot of you can afford to have still more nevermind they already have.
Do you hear the oracle solid apparently not enough that it appears to be a billionaire.
Saying that -- nevertheless a Wall Street Journal's Steve Moore.
Says one of the richest man in the world still doesn't get it and we should stress that Charlie Munger.
Slightly differed with him on on how far do you go live to the rich but the fact is the fact that they thank.
Many tenets -- table.
Yeah he's been saying this now for three or four -- you -- have to that's like -- exactly and so he wants they Buffett rule which would be a 30% capital gains tax and 30% dividend tax.
Even higher than Obama took -- this year.
And rebuttals of states that endured over a million dollars you should be doing at least 30% no right -- -- such rule.
We allow you to that there's a little bit of -- going on here because as you know we have something called the corporate income tax so how does -- -- make -- money he owns companies try to most companies pay tax.
And then he you know he like any owner gets the money after they -- the corporate -- -- Actually the rich do pay a very high percentage tax impact.
If you look at the numbers the government puts out every year the top point 1% higher at that paid a much much higher effective.
Tax rate than a middle income remember he famously said I pay a lower tax rate that my secretary while that isn't really.
Really -- so that you cheap skate there yeah.
Extrapolated how did they are occasional spot she's -- waited for like for a century player but -- -- bigger question do you is.
At what point.
That I have we satisfied that -- exits and to demand the rich pay more well on the flat tax guy here.
You know I want to get rid of all the loopholes all the deductions let's have -- Steve Forbes Dick Armey 1819% tax rate.
Where people like.
Warren Buffett can't hide -- and -- at.
You know one of the things that bothers me.
Is when Warren Buffett pontificate about you know people like me you should pay more on the tax code is -- -- house.
And then he is taken -- damage from the -- of one of the biggest.
Dodgers in tax history in in terms of giving all of -- money away to this.
The gates foundation none of that is ever going to be -- yeah it's.
If -- -- says I love the government and I believe we should be -- the government and pushed him -- over here on your way out of here you're given all the little negates.
Obviously the -- they keep you get more bang for the -- -- bill and Melinda Gates to say then you can with a government say nothing of the.
Tax write a -- but we're talking about having we're talking about a lot of money isn't a lot of money that will never be taxed tonight a look I regard that as -- Attacks -- -- look I think giving money to the Bill & Melinda Gates Foundation might be a fine thing to do but should we really not tax that attacks people who are.
You know working hard on their day job back I'm not so sure that makes a lot of sense he also -- Steve to the strong mark.
It's in the fact they've been facing records yes -- one today.
You know certainly Wall Street's doing -- pay and alluding to response.
I'm trying to paraphrase if they're gonna board.
Well the first -- that he's one of the great investors of all time so you -- -- he understands -- better than anybody and but look the fact that we've got a strong market -- good revenues are -- -- you know as as Wall Street does better government does better so it's not like.
You know that this a lot of this money isn't going to Washington we do have a capital -- that we do have a dividend tax we do have a corporate income tax.
We have so many layers of tax on these profits already.
And I think it -- my feeling has a lot of these taxes that Warren Buffett wants to put -- -- not just -- -- a lot of these kind of rich liberals.
The people really get harmed by those policies -- are not the guy said to their King of the Hill.
Like for Warren -- -- -- people are trying to be they Q hell have try to push the -- the -- and so you can have a kind of the incumbent.
Rich people actually benefit from a lot of these policies and the people really trying to make it don't.
You know I -- a lot of -- of the White House and they tell me your over their -- but I wish Paris today tell me if we were such an announcement of the -- what's going on Wall Street.
What's going on with obviously sensing an improving.
Environment what's going on with the -- in the now on the public and has some -- in the fifty presents are well that's certainly true that the middle class a bassinet slipped up and that's what they're saying but those are there -- policies right I mean.
Brought their policies of -- had yet.
But everything he's done so first venture is trying to -- distribute income and yet we still have we actually have a widening gap between.
The rich important like I got sort of -- -- what they're saying then it's worth such.
A detriment to business.
Look at -- Wall Street.
My feeling as.
That Barack Obama is viewed by Wall Street M business and on main street today.
Is a lot less dangerous today than it was four years ago when I you know -- there's already talk believe -- -- he's only finished his first hundred days and -- you know you don't -- his secretary of people are talking about him as a lame duck already -- me I'm sure your for that matter -- So you know he just doesn't seem as harmful.
I'm voice that just can't think from an out of the way.
And the animal spirits of this American and I wanted to regulations -- -- -- that they increase day by David they do but you know.
It's just not as bad as the -- in the first from -- -- stimulus obamacare bailouts all that stuff.
What do you think we'd be without that these markets when that rule ebitda well I would I think we have -- percent growth.
-- -- run a two and a half percent so that's the difference between where we could be and where we are.
All right Steve Moore is one of the finest economic thinkers and writers in the country.
Was to see my friend.
Well I'd been.
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