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“The Buffett thing is just theatrics. If Warren Buffett made his money from ordinary income rather than capital gains, his tax rate would be a lot higher than his secretary’s,” he said. “I think it’s not fair to say that wealthy people don’t pay their fair share. They pay a much higher percentage of their income, they have a higher rate than people who make less,” Bloomberg added. [CBS/AP]
Stop me if you’ve heard this before.
Obama has often cited Buffett’s call for higher tax rates on the rich, and he seized on the Monday op-ed in the Times and the coverage it’s gotten on the web and on cable news to do so again.
“He said we’ve got to stop coddling billionaires like me,” Obama said. “That’s what Warren Buffett said.”
“He pointed out that he pays a lower tax rate than anybody in his office, including the secretary,” the president added. “He figured out that his tax bill, he paid about 17 percent. And the reason is because most of his wealth comes from capital gains.”
Not to be confused with Grover Norquist’s opinion on the matter.
Obama: Warren Buffett is right on the money [Politico]