The Political Freakshow

Billionaire Warren Buffett Calls Buffett Rule Small Improvement!!!

Warren Buffett told CNBC’s “Squawk Box” Monday that the rule bearing his name is only a drop in the bucket of what’s needed to reform the economy, calling it a “small improvement.”

It is a small improvement in a very bad tax system. It doesn’t cure all, it doesn’t cure all revenue problems even remotely. In my original article I said we’ve got major problems on the expenditure side. All it does is says when you’ve got 131 of the 400 largest incomes in the country that are averaging 170 million, you have a third paying at rates less than 15 percent counting payroll taxes, that is something that should be corrected.

Buffett also said the economy is improving, slowly but steadily:

It would be nice to see GDP galloping at 4 or 5 percent. But we’ve had a complete resuscitation of the banking system, in all cases but residential construction we’ve had at the [economy] come back in a very significant way, and month by month it gets better.