Sunday, May 04, 2014

The WSJ Editorial Page Embarrasses Itself Again

It amazes me that newspapers like the Wall Street Journal remain wedded to the Peter Principle, insisting upon promoting the weakest of thinkers to manage their editorial pages. It's not that the board is full of complete idiots -- they're smart enough to recognize that when you write an editorial this stupid you publish it as an unsigned editorial so your name is only indirectly associated with your assertions. But still, they wrote it and they published it.
Readers may recall the original Buffett Rule that President Obama offered as part of his re-election campaign that essentially posited a minimum tax rate for the rich of about 30%. Mr. Buffett heartily endorsed the idea and Mr. Obama hauled out St. Warren as a soak-the-rich cudgel to beat up Mitt Romney in countless speeches.

So it was fascinating to hear Mr. Buffett explain that his real tax rule is to pay as little as possible, both personally and at the corporate level. "I will not pay a dime more of individual taxes than I owe, and I won't pay a dime more of corporate taxes than we owe.
If it needs to be explained, there is nothing wrong and nothing hypocritical about following current tax law, even as you advocate changes that would increase your tax burden. This type of silly accusation is made with some regularity, and in a variety of contexts, but never by a strong thinker.

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