Warren Buffett: Obama carbon-tax idea 'regressive'

Buffett is correct. First of all, carbon tax will NOT do anything to solve the alleged "global warming" or "climate change" problem, er non-problem. Second, all it will do is drive up costs. Third, it will hurt middle and lower income people the most.
But when will people and apparently smarter people like Warren Buffett get a clue that liberal policies generally do more harm to middle and lower class people than good?

I get it. Mr. Buffet doesn't believe that carbon emissions hurt us now so he doesn't want himelf or consumers to pay for their reduction. One doesn't become the richest person in the world by absorbing either current or future costs that can be externalized to some third world country, externalized to poor people who live in the emissions zone, externalized to elderly with weak lungs, or postponed to unborn children.

John D: So the conservative policies of the last 8 years did the middle and lower class people more good than harm? You're living in a fantasy.

Buffett's correct in the general idea of a cap and trade. Unfortunately, he did not read the budget plan by President Obama or he must have missed the line, because what they did is VERY clever. They tied the cap-trade to the middle class tax cuts, so basically for every amount taxed as a result of cap and trade the middle class gains a tax cut up to the amount of 400 for individuals and 800 for families. That's why, for the most part, republicans have backed off that claim.

OBAMA’S KNOWLEDGE GAP

Unfortunately Obama is showing the gap in his understanding of critical elements at the core of what drives America.

http://pacificgatepost.blogspot.com/2009/03/obama-third-tell.html

This administration does not understand that business and capitalists are not its enemies.

*On May 19th 2008, the market was at 13,028.
*On July 15th 2008, the market was at 10,962.
*On Oct 10th 2008, the market was at 8451.
*On Nov 20th 2008, the market was at 7552

The market lost almost half of its value from May 2008 until November 2008, but the stock market talking heads would never blame their pals in Republican party. All the bad news is still hitting the fan from the Bush administration, but you would never know Bush had anything to do with it if you watch the Republican loving corporate news media spin this into Obama's market failure.

Small businesses will be taxed; then they raise their prices which in turn, will cause interested clients to cut back on their spending.

When the public cutbacks, businesses will lay-off.

More unemployment.

Drop 'cap and trade' until economy is on the rebound, not before.

The title says Mr Buffet slammed "Obama's carbon-tax idea" when what he slammed was the Cap'n Trade concept. If not Frank James, then somebody else goofed badly writing that horrid headline.

As a matter of fact, the Carbon Tax could be completely free of any regressiveness whatsoever. Return the tax revenue on an equal pro rata basis to adult citizens. Then, by Mr Buffet's own analysis, it would be eminently fair. It would also inspire everybody to cut greenhouse gas emissions. That is, everybody but the rich and the foolish

The title says Mr Buffet slammed "Obama's carbon-tax idea" when what he slammed was the Cap'n Trade concept. If not Frank James, then somebody else goofed badly writing that horrid headline.

As a matter of fact, the Carbon Tax could be completely free of any regressiveness whatsoever. Return the tax revenue on an equal pro rata basis to adult citizens. Then, by Mr Buffet's own analysis, it would be eminently fair. It would also inspire everybody to cut greenhouse gas emissions. That is, everybody but the rich and the foolish

Mr. Buffett is suggesting what Bush suggested after 911 that we should go out and spend. Didn't Mr. Buffett see all this coming with Obama tax raises and huge spending program proposals during the campaign the President breaking his promises to the American people with just 2 months plus in office. Some people did. I for one have lost faith in my country and WILL NOT SPEND but will save and save as much as I can.

Edward Manzeer's point is well taken, but what I want to know is why we have to attack global warming with a full-employment-for -lawyers plan like cap-n-trade? Why can't people on the left see they are being duped and used by the gang that has driven cap-n-trade all along. Isn't it infinitely more logical to reduce emissions by giving up our slavish devotion to the Growth-Gods, and realize we only need smart growth. We can accomplish more by simply producing products with lifetime warranties. No more throw away garbage. I have 8 basketballs from China that are all broken because they put faulty valves in them, so they last a couple years at best. I have no choice but to buy another Chinese made basketball when the current one fails. How much carbon would be saved if I bought one basketball and it lasted 20 years? Duh. As long as we have a system that relies on us buying huge amounts of garbage products, and not standing up to Chinese counterfeiting; so they won't stop buying treasury bonds, we aren't going anywhere with the world's environment. It's real simple, produce way less products ad make sure the ones produced last a long time or are fixable. Industries would evolve that would be based upon repairing products. Then the people of the world could actually work 6-8 hours a day instead of 10-12. But noooooo1 The whole left thinks that anybody against cap-n-trade is a madperson who is selfish and ignorant. That would more aptly describe everyone on the left and their dumbass adherence to philosophies that come straight out of the corporate-criminal elite they pretend to oppose (but actually want to be part of). They watch PBS afterall. While all the dumbasses against cap-n-trade are busy oiling up their guns, they're honing their arguments against the evil purveyors of 'protectionism'. The left gave us NAFTA, and now they'll give he working people another gift with cap-n-trade. The leadership of the left has been taken over by pinheads from the corporate world who push pretend policies that do nothing for the working man. The Democrats are all talk and no action; unless it's a scheme like universal health care or cap-n-trade to line the pockets of the rich. Edward is rightfully concerned about the environment, but his response evidences the same smug attitude that real leftist got hit with when NAFTA was going down. The 'elite' thinkers of the left are mad for cap-n-trade, and you will never convince them you care about the environment unless you love cap-n-trade. Nuts! PBS brainwashing at its best.

Something else which is regressive is the ability to respond and adapt to climate change.

Coastal communities around the world will pay the regressive tax of sea level rise.

Buffet is a very intellegent and well-informed man, much more so than anyone posting their comments here (myself included). I'm glad to see that he doesn't adhere to a strictly liberal or strictly conservative agenda like so many people who don't like to think about issues individually. It would be nice if more people could be like that.

I think the conservatives are right about this carbon tax issue, the global warming non-issue, etc. However, I do agree that pumping chemicals and gases into the air is certainly not preferable, and we should reduce those amounts if possible. I just don't think the carbon tax is the way to acheive that, especially not now in these times of economic uncertainty.

Mr. Bufffret you wanted "FUNDAMENTAL CHANGE" you got it.

VJ Machiavelli
http://www.vjmachiavelli.blogspot.com
NO MORE SCHUMER
NO MORE PELOSI

Warren Buffett is right to criticize "cap and trade" (read "tax and tax"), except I would offer a better word than "regressive." I think "idiotic" is more accurate. Or possibly "deranged," or maybe even "self-destructive."

Obama's administration projects that $645 billion in cap and trade revenue would be realized over the next ten years. Admittedly the consumers of energy would pay this expense.

However, an equal amount is projected to go towards tax credits for low and middle income families in the same period. This tax credit of $60 billion each year would offset the cost to low and middle income consumers for their larger energy bills.

Evidently the projections are based on our industry polluting at the same rate they pollute today.

If cap and trade doesn't reduce carbon emissions how does that help the environment? If the tax credits for low and middle income tax payers only offset their increased expense how do they benefit?

Because "clean" industry would also be paying more for energy with no tax credit relief, their cost of production would increase. They would be forced to raise prices to stay in business.

Consumers will bear this additional "clean" business expense. The expense to the low and middle income group will be in greater proportion of their income than that of the wealthy.

Who benefits from placing emission controls on industry?

Bravo to the Oracle of Omaha. He's absolutely right--a cap and trade scheme is a regressive tax that unduly hurts the poor and elderly. Of course, something must be done to stem the tide of climate change. To that end, we need a fairer and simpler revenue-neutral carbon tax. Take a look at Robert Shapiro's research on the subject: http://www.climatetaskforce.org/images/62008shapiro.pdf

What would've been nice is if Warren would have figured out that Obama's tax-and-trade plan (and redistributionist policies) were bad for America back during the campaign instead of now. All he did back then was cheerlead for him.

You'd be amazed how quickly people will respond to price changes - particularly if the government use some of the carbon tax raised to subsidize the cost of energy efficient cars/heating systems.. Here in Ireland an emissions based registration tax and annual road tax has been put on cars - rising from approx 15% for efficient cars to 30+% for gas guzzlers. Is only been in place a year and already our purchasing decisions have been radically affected - picked up a diesel VW passat in January - averaging 46mpg (US gallon). Between long-life bulbs, LEDs, new clean-diesels, grants for high efficiency boilers, wood pellet boilers and insulation, our energy bills are being drastically reduced - my own car-fuel, house-fuel and electricity bills have dropped from 3,500 to approx 2,000 this year - with no change in my life style - miles driven or the warmth of my house.

And by describing the taxes that would be imposed as eventually regressive since they would be passed along to consumers, Buffett has said, not in so many words, that Obama would hurt the low and middle income Americans the president sees himself championing since a larger share of their incomes would go towards paying higher utility bills than would be true for the more affluent. ~ F.J.
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Right, Jeff. How can this suddenly be a revelation? Warren Buffett seems to disagree with President Obama on a number of things, but it is very consistent with my personal experience of arguing with democrats, and I do try not to. They may agree with every point of the argument, but they are still marking the D box. It's one great country.

Ugh, it's depressing that people are still being deceived so severely. Under Bush for 8 years, and now 4 more years of the same crap of no Constitution, continued torture, march towards global government, etc. and people applaud. Amazing.

Buying a right to pollute is not synonymous to paying a fine for polluting.

That is what, eventually, Michael Kerjman ’s brilliant “Keeping World Cool” is about:
http://www.articlesbase.com/politics-articles/keeping-world-cool-799770.html

More news from M. Kerjman:
"The X-Challenge: Realm of Senses"
http://www.articlesbase.com/science-articles/the-xchallenge-realm-of-senses-886833.html

If this lad is unworthy for England's BNP-controlled Alabama-based Wikipedia-who then?

Global warming is a proven hoax. IPCC scientists, Briffa and Mann, have been caught red-handed cooking the data.

This has been a hoax to transfer wealth from the West to the East.
Buffet understands it's a fraud, Obama does not want to listen to his own adviser.

Obama does not understand the laws of science or economics, and does not care.