March 12, 2009
During his three-hour appearance on CNBC today, Warren Buffett, the world’s most famous investor, described the cap-and-trade plan to limit greenhouse gas emissions which President Barack Obama included in its recent budget proposal as a “pretty regressive” tax.
Buffett, an Obama ally, is clearly not synched up with the White House message. He has given opponents of the proposal a powerful bit of ammunition to work with.
[efoods]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.
But Buffett has long been outspoken, which is one of the reasons the Obama people liked him when he sided with them during the presidential campaign.