Warren Buffet on Tax Cuts

Even Warren Buffet is against the Bush tax cuts!

The second richest man in the world, Mr Buffett, known as the “Sage of Omaha”, criticised plans for tax cuts that he said were designed to fleece the poor and reward the rich.

“I am not for the Bush plan. It screams of injustice. The main beneficiaries will be people like me and Charlie,” he said, referring to the Berkshire Hathaway vice-chairman Charlie Munger. Mr Buffett said the tax plan was equivalent to “us giving a lesser percentage of our incomes to Washington than the people working in our shoe factories”.

How can you argue with Warren Buffet? Warren Buffet and Alan Greenspan are probobly the two most revered financial minds in America. Buffet has come out directly against tax cuts and Greenspan has stated that a prolonged deficit combined with tax cuts without corresponding budget decreases or revenues are bad for the economy!