Doesn't Matter Who
Just like that, I've found a financial giant worthy of being ignored- right after I punch his nose.
He isn't this era's answer to JP Morgan in terms of the sheer awe that man inspired, but Warren Buffet has more hundred dollar bills to rub together than your average millionaire has pennies, so people tend to dote on his every word. However, he just gave me all the reason in the world to ignore his political and economic views. He spoke out against the Bush tax cut.
I don't think that the Bush tax cut is the best thing in the world. It could have been bigger, for instance, and it could have cut rates on much more than dividends. But the fact is, any elected official who offers to return taxpayer dollars to the taxpayers is moving policy in the right direction. I'll support the tiniest tax cut, if it's the only cut being proposed, and I don't care if it's Bush, or Democrats Indiana Governor Frank O'Bannon, or Indy Mayor Bart Peterson doing the cutting.
Of course, Buffett did fail to mention one important fact. His Berkshire Hathaway shares don't pay dividends.
Hmm? Could it be that Mr. Buffett is afraid that if the tax cut on dividends passes, stocks that do pay dividends will become more valuable for producing tax-free income? Could it be that Mr. Buffett would rather not have to feel pressure to start paying a dividend?
J.P. Morgan would have kept his mouth shut.