Karl Rove wants you to sign petition for Warren Buffet to pay more taxes after Buffet bails out BofAWednesday, April 11th, 2012
Amazing. Karl Rove’s tactics are becoming old and mundane. He is out of touch with the “regular” American people who remember political statements and history (thanks to the internet / Info Age). Rove is now circulating a petition asking Warren Buffet to pay more taxes forgetting the fact that Buffet is one of the biggest givers out there and has proven his American patriotism time and time again when investing his own money into American companies.
I guess Karl Rove didn’t get the memo when Warren Buffet invested $5 BILLION of his own money to invest in Bank of America (BofA) and thwarted more financial scares and downturns of our financial markets? Yes, that’s right. Buffet helped to restore confidence into an American Company, and if Rove hasn’t read about it, I suggest he read it in the WSJ.
Speaking of putting your money where your mouth is …. Rove’s CrossRoads spends millions of dollars in negative political advertisements. I have news for Rove … his antiquated divisive political thinking is getting old during a time in which Americans look to healing. Americans are tired of the fringe groups and Party partisan tactics.
Warren Buffet has given, but where is Rove at when it comes to the art of giving? Imagine that, Buffet bails out an American company risking $5 BILLION (not Million) — $5 BILLION of his own money but it ain’t good enough. Perhaps Rove should concentrate on REAL efforts on more productive measures starting with the doing away of oil subsidies. Millions given to oil companies through subsidies will help bring the American economy out of debt.
Whether you call them “subsidies” or “purple roses,” what’s going on here is the elimination of a favor not provided to other tax-paying businesses. Such favors direct private investment to the favored businesses and away from the unfavored as market actors chase the artificially higher profits in the favored sector. And such favors are as much a part of big government as explicit appropriated spending. Tax breaks like this constitute big government on the sly. The size of government is best measured by its total effect on the allocation of resources — not by some crude and incomplete accounting of the government’s tax bite.
The Republican charge that eliminating these tax preferences will increase prices at the pump is for the most part nonsense. Given stable demand, oil prices are determined by whatever factors increase or decrease production anywhere in the world. So the relevant question is whether elimination of these tax provisions — i.e. decreasing the profits of those producers who enjoy these tax deductions — will decrease production.
• Buffett Invests $5 Billion in BofA (WSJ)
• Bank of America Says Buffett’s Berkshire Will Invest $5 Billion (Bloomberg)