Warren Buffett Blasts Obama’s Bank Tax, Compares It To A ‘Guilt Tax’

The Huffington Post
1/20/10

Speaking to CNBC at Berkshire Hathaway’s special shareholder meeting, billionaire Warren Buffett blasted President Obama’s proposed tax on the nation’s largest banks, and had some oddly optimistic words on the souring housing market.

Buffett’s argument against tax, which is laid out in the below video, is that the levy unfairly punishes banks for the losses forced upon taxpayers during the bailout of the auto industry. The largest banks, Buffett said, have already paid back the government with interest. Separately, Buffett told Bloomberg that he “didn’t see any reasons why the banks should have to pay a special tax,” and questioned by Fannie Mae and Freddie Mac had not been asked to pay similar fees.

(Keep in mind, however, that Buffett’s Berkshire Hathaway owns an enormous stake in Wells Fargo, and large investments in Bank Of America and Goldman Sachs, all of which would fall under Obama’s proposed tax.)…

The complete article is at the Huffington Post.

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