Posted on September 30, 2011

Warren Buffett Does Not Endorse WH's "Buffett Rule"

CNBC: "Let’s talk about the Buffett Rule for a moment."



Buffett: "Uh-huh."



CNBC: "Talk to you about how it came about in terms of the White House getting in touch with you and you putting your name to this."



Buffett: "Well Gene Sperling called and said 'can we use your name' and I said 'yes.'"



CNBC: "Are you happy you said 'yes?'"



Buffett: "Sure. I mean I wrote about it."



CNBC: "Are you happy that the way it is being described. Is the program that the White House has presented a million dollars and over your program? "



Buffett: "Well, the precise program which will -- I don't know what their program will be. My program would be on the very high incomes that are taxed very low. Not just high incomes. Somebody making $50 million a year playing baseball, his taxes won't change. Make $50 million a year appearing on television, his income won't change. But, if they make a lot of money and they pay a very low tax rate, like me, it would be changed by a minimum tax that would only bring them up to what the other people pay."



CNBC: "Does that mean you disagree with the president's new jobs proposal which would be paid for by raising taxes on households with incomes of over $250,000?"



Buffett: "That's another program that I won't be discussing. My program is to have a tax on ultra-rich people who are paying very low tax rates. Not just all the rich people. It would probably apply to 50,000 people in a population of 300 million."



CNBC: "So that means you disagree with the president on the $250,000?"



Buffett: "No, no. You may disagree with him."



CNBC: "So you agree, $250,000 is the right number?"



Buffett: "I will look at the overall plan that gets submitted to Congress, and which they are voting on, and decide net, “do I like it or do I not like it”. There is no question, there will be parts I’ll disagree with."



CNBC: "And are you a supporter of his jobs program right now?"



Buffett: "I am supporter of the action he is trying to get the Congress to join him in taking to really do something, rather than sit there and go in different directions."



CNBC: "Do you agree with all the details?"



Buffett: "I haven’t looked at all the details."



CNBC: "Ok, fair enough."