President Trump just got smacked with a harsh rebuke from a fellow billionaire. Warren Buffett, however, has never been your typical billionaire investor. (Video below.)
The 86-year-old may be the epitome of Wall Street success, but he spends most of his time in his hometown of Omaha, Nebraska. And while most in his very exclusive tax bracket seem content to take the money and run, Buffett made political waves a decade ago for blasting then-President George Bush and Congressional Republicans for allowing him to pay a lower tax rate than his secretary.
Since then, he has continued to call out tax laws that he sees “coddling the super-rich,” and in 2011, President Barack Obama introduced the Buffett Rule, a proposal that would have required individuals to pay at least a 30% federal tax on income exceeding $1 million per year.
Now, Buffett is calling out Congressional Republicans again, along with President Trump, for their tax plan masquerading as a healthcare bill.
“If the Republican bill that passed that House had been in effect this year, I would…be given a 17 percent tax cut,” Buffett said in an interview with PBS Newshour, saying he would personally be given $617,000. “And the people it’s directed at are couples with $250,000 or more of income. You could entitle this, you know, Relief for the Rich Act or something.”
He targeted Members of Congress specifically for giving themselves a substantial tax cut. While the base salary for a Representative is $174,000 per year, Buffett pointed out that “most of them have — if you look at the disclosures — they have substantial other income… They have given themselves a big, big tax cut.”
Of the discrepancy between the tax rates he is already allowed to pay and what low- and middle-income workers pay, Buffett says “it’s even worse” than people say because of payroll taxes. And yet, he marveled, “[Republicans] want to cut it for me! Do I look like someone who deserves a cut?”
Buffett laughed at the absurdity. He knows, however, that for tens of millions of working families already struggling, this is no laughing matter. If they get their way, our billionaire president and his congressional enablers would devastate them even as they promise to help, and now, Warren Buffett is calling them out for it.
It’s easy to forget with Trump dominating the news, but this is what a billionaire with a conscience looks like.