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Buffett ups challenge to GOP, pledging 15 percent of income to deficit

By Stephen C. Webster
Monday, January 23, 2012 12:52 EDT
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Buffett and Obama photo by Pete Souza
 
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Speaking to a reporter with Bloomberg TV on Monday, billionaire investor Warren Buffett upped his challenge to congressional Republicans and even managed to work in a slap at presidential candidate Mitt Romney, saying that he would donate 15 percent of his annual income if just 10 percent of the Congress would do the same.

That’s not likely to happen any time soon, which is precisely why he made the pledge.

Buffett had previously offered to match Republicans’ donations to the national deficit, as part of a war of words with Senate Minority Leader Mitch McConnell (R-KY). McConnell had previously suggested that Buffett should open his checkbook to pay down the deficit, instead of advocate for a more progressive tax policy that requires wealthy people to pay more of the income in taxes.

Monday’s challenge was also a slap at Romney, who recently revealed that he pays roughly 15 percent of his annual income in taxes. “That’s exactly what I expected,” Buffett said. “He makes money by moving around big bucks, not by straining his back or going to work and cleaning toilets or whatever it may be. He makes it shoving around money.”

He added that Romney’s recent loss in the South Carolina primary was not due to former House Speaker Newt Gingrich (R-GA) gaining momentum so much as Romney losing it. “I think Romney hurt himself,” he explained, talking about the former Massachusetts governor’s reluctance to release his tax returns. “I think it was more Romney losing ground than Newt gaining.”

The billionaire added that he would ultimately like to see wealthy people paying a higher percentage of their income in taxes — something that President Obama has repeatedly proposed, drawing ire from the worlds of banking and finance, which have largely broken for Romney as their favored candidate in 2012.

Romney has since said he would release his tax returns in the coming days.

This video is from Bloomberg TV, broadcast Monday, Jan. 23, 2012.

Stephen C. Webster
Stephen C. Webster
Stephen C. Webster is the senior editor of Raw Story, and is based out of Austin, Texas. He previously worked as the associate editor of The Lone Star Iconoclast in Crawford, Texas, where he covered state politics and the peace movement’s resurgence at the start of the Iraq war. Webster has also contributed to publications such as True/Slant, Austin Monthly, The Dallas Business Journal, The Dallas Morning News, Fort Worth Weekly, The News Connection and others. Follow him on Twitter at @StephenCWebster.
 
 
 
 
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