We sometimes read that the best lies contain as much truth as possible. That’s true enough, I guess. This article may be an outstanding example of that. Harry Reid most likely was engaging in some thoughtless hyperbole – both sides of the political divide seem content with that, and both have enough ardent believers who’ll accept their lines uncritically to make this sort of hyperbole well worthwhile. I’ve been caught up in it a time or two.
Still, this article tries to disenfranchise Warren Buffet from the Billionaire’s Club. “Either Warren Buffet’s secretary has an incompetent tax accountant or Buffet has some pretty juicy tax breaks. I think the latter is more likely.” Which causes me to wonder. Should I trust Paul Roderick Gregory‘s math, which seems reasonable on the surface, but is in pursuit of a narrative, or Warren Buffet, who was talking about a very specific situation. I mean, if Gregory is such an economic guru, couldn’t he have discovered what Buffet’s “tax breaks” were, and figured out how many of them applied to other millionaires (and billionaires)?