President Obama is revealing more of his thinking about taxing rich people, pointing out that many of them have “too much money to spend.”
Obama was speaking at a town hall hosted by the online communities BlogHer and SheKnows in South Carolina, explaining why he thought that the government ought to take away money from wealthy people and use it for more government programs.
“It turns out that as President you end up knowing a lot of people, including a lot of rich people,” Obama said, alluding to his many fundraisers.
“Warren Buffett is a great friend of mine,” he said. “Warren Buffett doesn’t need a tax break. He really doesn’t. He has too much money to spend. He can’t spend it all. Even with all the money he’s giving way, he still can’t spend it all.”
Obama claimed that Republicans only wanted to give wealthy people more tax breaks while other families were suffering.
“Why would we be giving him a tax break when there are a whole bunch of families who need help?” asked Obama, referring to Buffett.
As the Washington Examiner’s Tim Carney has noted, Buffett made about a billion dollars off of the Wall Street bailout by investing in Goldman Sachs on the assumption that the company would receive a government bailout.