In a Friday morning interview with CNBC, Warren Buffett may (or may not) have failed to endorse Obama's new tax plan.
When asked about his thoughts on Obama's tax plan regarding the Buffett Rule, Buffett himself seemed to be a bit unclear as to what he supported.
Here is the transcript of the short interview Buffett had with CNBC's Andrew Ross Sorkin on the floor of the NYSE, via Business Insider:
Buffett: [When asked if he agreed with the tax plan] I don't know what their program will be, he said, but MY program would be on the very high incomes that are taxed very low - not just high incomes, not just some guy making $50 million playing baseball, his taxes won't change. Make $50 million appearing on TV, 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.
ARS: Does that mean you disagree with Obama's new jobs proposal which will be paid for by raising taxes on taxes on houses with incomes over $250,000?
Buffett: No - that's another program that I won't be discussing. My program is to have a tax on ulta rich people who are paying very low tax rates, not just all the rich people, and it would probably apply to 50,000 people.
ARS: That means you disagree with the president? (ARS gets really excited about this.)
Buffett: No no, you may disagree, but ... I will look at the overall plan that gets submitted to Congress, which they are voting on, and decide net, do I like it, or do I not like it.
And there's no question there will be parts I disagree with, he said.
ARS: But are you a supporter of his jobs plan right now?
Buffett: I am a supporter of the action he's trying to get Congress to join him in taking to really do something rather than sit there and go in different directions -
ARS: But you agree with all the details?
Buffett: I haven't looked at all the details.
The Republican camp is now using this interview to blast Obama by saying that even Buffett himself does not think that the tax plan is up to snuff.
However, the other side disagrees by saying that the interview was grossly misinterpreted. Warren Buffett didn't really 'disagree' with the so-called 'Buffett rule'... What Buffett did do is hedge when asked whether the White House proposal to raise taxes on those making more than $1 million per year was his plan, writes TPM.
The Buffett Rule stipulates that people who make more than $1 million per year should pay at least the same percentage of their earnings as this middle class. Buffett criticized the system and supported with the notion that he pays less than his secretary (relatively speaking).
Obama touted this plan along with a new jobs plan to try and jump start a floundering economy.
However, it is debatable as to whether this idea will actually be effective since the number of those who fall under this Buffett category is only at 60,000.
Others push back against this proposed measure even further by stating that the top 1 percent already pays about 40 percent of the nation's federal income taxes.
So tell us, Mr. Buffett, what do you really think?