Thursday, February 17, 2011

The Duplicity of Warren Buffett

Eric Englund reports:
Through Warren Buffett’s letters to Berkshire Hathaway’s shareholders, and his op-ed pieces, one can conclude Warren Buffett has little respect for private property rights. If Mr. Buffett took the time to read Frank Chodorov’s masterful book The Income Tax: Root of All Evil, he would properly conclude (I hope) taxation is theft. Instead, he celebrates the Sixteenth Amendment to the U.S. Constitution and has written forcefully about his support for income taxes, estate taxes, and double taxation of dividends (for more on these matters, read this Forbes article: Warren Buffett's Tax Fetish). Warren Buffett earnestly portrays himself as a loyal financial supporter of Uncle Sam and deems himself to be Uncle Sam’s "grateful nephew." However, when examining how Warren Buffett and Charlie Munger have structured Berkshire Hathaway’s investment portfolio, it is painfully clear Warren Buffett does not put his money where his mouth is. For someone who has pledged financial allegiance to the United States, Mr. Buffett speaks with a forked tongue.
Warren sure likes other people paying taxes. Here's more on the subject.