Warren Buffett, October 1, 2008:
- Well, the patient that’s on the floor with the cardiac arrest is not Wall Street. It’s the American economy.
- I think the biggest thing we need now is to unclog the credit markets, and we may need another stimulus — if we do, it’s — it should go to the lower and middle-income people. I mean the truth is, I’ve never had it so good in terms of taxes. I am paying the lowest tax rate that I’ve ever paid in my life. Now, that’s crazy. And if you look at the Forbes 400, they are paying a lower rate, accounting payroll taxes, than their secretary or — whomever around their office.
- And so I think that actually people in my situation should be paying more tax. I think the rest of the country should be paying less, the 95 percent that Obama talks about or maybe even a little higher than that. But I think that a stimulus plan should really be geared to the people.
- But just imagine living on 21,000 a year, Charlie, 22,000 a year. I mean you have 20 percent of the population doing that… I would push $1,000 of purchasing to those people… They need it. And it should come, to some extent, from guys like me.
- The capital gains tax is 15 percent now. So I sit there in my office and I make a lot of money by capital gains, and I pay 15 percent, and I pay no payroll tax on it. The woman that comes in, takes the wastebasket away, she’s paying 15.3 or whatever it is on payroll tax alone.
- I think it’s terrible for people in effect to say that income from investment should be taxed at a much lower rate than income from labor… And they don’t take that from me on capital gains. They don’t take that from me on dividends. They take from the woman who comes in and takes the wastebaskets out.