There are few issues in American politics today that I find more hypocritical or concerning than the so called “Buffett Rule”. Based upon the Billionaire of Omaha suddenly realizing late in life that he pays a lower rate of tax than his secretary. For starters let’s leave aside that if he had concern over his secretary’s financial situation, he could simply dip into his piggy bank and give her a well deserved raise. No, that Warren Buffett would suddenly have a concern that he pays lower tax rates than most Americans is laughable. What did Warren think he was paying those tax attorneys for over the decades? Why did he structure his investments in corporate structures aimed to qualify resultant earning as capital gains rather than standing up like a man and simply characterizing it as ordinary income? No, Warren has built his fortune exploiting every tax scheme available. Now Warren wants other Americans who have been successful to pay higher taxes than the now 80 year old Buffett has for decades. Well, I may not be a financial genius like Warren, but I can spot a blue blooded hypocrite when I see one Warren Buffett is in a hypocritical league of his own.
This story becomes more pathetic when President Obama comes along and latches onto “The Buffett Rule” as the salvation to the nation’s economic ills. Unfortunately President Obama is more a political opportunist and liberal who can never let the opportunity to increase taxes pass them by. Instead of applying the Buffet Rule revenue to debt reductions President Obama would simply use it to fund his liberal democrat social agenda. The President Obama & the Do Nothing Democrats in congress have bet their future upon a political class warfare platform. Any political opportunist cannot resist an opportunity to leverage someone else’s reputation for their gain and Warren Buffett is big league butt cover.
America is a nation where the dream of a better life for one’s self and children was always a core value of the people. American’s aspire to success and work to give their children a better life than they have. Those who have succeeded have been seen as inspirations to be emulated, not objects of scorn and envy to be torn down. Class warfare has never been a cornerstone of our nation’s political discourse. Today we have a president who in seeking a second term to advance an extreme leftist agenda is basing his reelection on class division and envy without regard to the damage it can do to the nation’s character. In and of itself, hypocrisy is usually a benign personality trait which simply diminished the reputation of the hypocrite. Rarely do hypocrites succeed for long as their lack of character is transparent. However when a national leader bases his partisan future on such a hypocritical platform to advance the big lie, then real harm can be done to the nation.
I will leave it to others to demonstrate how little good the Buffett Rule would do for the debt and the damage raising taxes during a recovery could do (for reference see the Heritage Foundation Article). I actually share the president’s view that there are fundamental inequalities in our tax system. Corporate Cronyism has permeated the tax code leaving it littered with the best loop holes money can buy. But the Buffett Rule is not a solution to inequality but rather a syndical revenue grab by a tax & spend liberal administration. The only way to solve the inequality is a revenue neutral fundamental round of tax reform with simplification as its goal. The more flat our tax system becomes with fewer deductions and loop holes, the more fairness we would see. Mr. President, real tax reform does not make for as good a rally speech, but it is good for the country and the honesty may just help your reputation and the nation’s future. Country first, what a novel concept.