Buffett's dad was the Ron Paul of his day

[kwc57]

I came across this very interesting article. Seems the fruit did fall far away from the tree in this instance. Take the time to give it a read and realize that the libertarian roots run deep in this country. They are nothing new.

Buffett's dad was the Ron Paul of his day | Campaign 2012

In recent days, the Buffett name has become synonymous with support for higher taxes, but a long time ago, it was associated with fierce opposition to federal taxation and big government.

Warren Buffett may be a committed liberal Democrat, but his father, Howard Buffett, was a four-term Republican member of Congress (1943-49 and 51-53), a John Bircher who fought FDR and warned that the expansion of government was eroding individual liberty.

“Today’s situation is the result of an alarming and devious governmental intervention in the economic affairs of the nation for objectives not contemplated by the men who wrote the Constitution,” Buffett lamented in a lecture excerpted in the December 1956 issue of the libertarian journal The Freeman. “Historically, in America the producer was protected by government in the enjoyment of the fruits of his labors. That protection of his property explains the glorious material progress already recounted.”

In the lecture, Buffett went on to observe that, “The last 40 years have seen a gigantic expansion of political power over economic affairs by the federal government. This change is linked by many scholars to the passage of the income tax law in 1913.”............

 

[waltky]

Granny says ol' Warren is right...

Man Behind Obama’s 'Buffett Rule' Calls For Tax Fairness
September 23, 2011 - One of the most controversial pieces of President Barack Obama’s economic plan is named for one of the richest men in the world. The president calls his proposal to raise taxes on wealthy individuals and corporations “The Buffett Rule.” Some Republicans are calling it class warfare.

Warren Buffett says he paid almost $7 million in taxes last year. He says that is not enough. “I think people at the high end, people like myself, should be paying a lot more in taxes," said Buffett. The billionaire investor wrote an opinion article in the New York Times in August, claiming that all 20 employees in his office pay a higher percentage of their incomes in taxes than he does. Buffett suggested increasing taxes on millionaires and billionaires. He wrote, “My friends and I have been coddled long enough by a billionaire-friendly Congress. It is time for our government to get serious about shared sacrifice.”

President Obama is incorporating Buffett’s proposal into his plan to reduce the federal deficit. “Middle-class families should not pay higher taxes than millionaires and billionaires," said President Obama. "That is pretty straightforward. It is hard to argue against that. Warren Buffett’s secretary should not pay a higher tax rate than Warren Buffett.” The president announced his deficit-cutting plan on Monday, and said it would include a provision he called the “Buffett Rule.”

The rule states that “No household making over $1 million annually should pay a smaller share of its income in taxes than middle-class families pay.” Administration officials have not given details on how the plan would be put into effect. Some reports have shown that most of the richest Americans already pay a higher percentage of their income in taxes than lower- or middle-income taxpayers. Meanwhile, some Republicans call the proposal class warfare. Senate Majority Leader Mitch McConnell says it would stifle job creation. “If he is feeling guilty about it, I think he should send in a check," said McConnell. "But we do not want to stagnate this economy by raising taxes.”

Obama said Thursday the purpose of his plan is basic fairness. “If asking a billionaire to pay their fair share of taxes, to pay the same tax rate as a plumber or a teacher, is class warfare, then, you know what? I am a warrior for the middle class," he said. "I am happy to fight for the middle class. I am happy to fight for working people.” Public opinion polls show that most Americans agree with Warren Buffett that the richest citizens should pay more in taxes.

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