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Articles by Donald E. L. Johnson

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Why Warren Buffett backs Obama’s higher spending and tax increases

Why is Warren Buffett backing Obama's higher taxes?

Motivations are important. So we have to ask why 

Warren Buffett is an Obama Democrat. We know that is life is consumed by his efforts to make money and otherwise indulge himself, which is ok so long as he doesn't break any laws. 

Note, first, that Obama has awarded Buffett some kind of medal at a White House ceremony that is frequently replayed on cable TV.

Then look at the kind of businesses he's in. Regulated utilities, a railroad, home building, home building supplies, consumer and industrial goods and regulated and unregulated insurance industries. The private aircraft that he rents to Hollywood stars and uses himself use federally subsidized airports. 

All of these companies benefit from huge tax subsidies and credits as well as from other government subsidies that are supported by Obama Democrats. They also benefit from over regulation, which keeps new entrants from taking on some of his most profitable businesses.

No doubt, many of Buffett's more than 200 companies sell a lot of stuff and services to the Feds and to companies and local governments that depend on federal funding. Buffett wants to keep that money flowing.

Buffett's Berkshire Hathaway is buying the Marmon Group, enriching Peggy Pritzker, a top fundraiser for Obama, and her family. What kind of conflicts of interest does Buffett have in that deal?

Buffett made billions betting on Obama's favorites, General Electrick and Goldman Sachs, which Bush and Obama bailed out.

Buffett is a Big Business Guy who loves a Big Business, Big Labor and a Big Government president like Obama. 

Everything Buffett does is done for money. There is no question that he wants the government to raise spending and taxes so that his investments pay off better and better as the taxing and spending grows.

Finally, Buffett is the most self-promoting Big Business CEO in the world. His backing for higher taxes is just another way to get him on TV.

Posted by Donald E. L. Johnson on 08/16/2011 at 08:10 PM

Taxes

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