World of Class Warfare - Warren Buffett vs. Wealthy Conservatives

  • Aired:  08/18/11
  •  | Views: 578,178

Warren Buffett's op-ed is a thoughtful treatise on the advantages the super-wealthy currently enjoy at the hands of the tax code, or to put it another way, "class warfare." (4:48)

>> Jon: WELCOME TO THE DAILY

SHOW.

MY NAME IS JON STEWART.

(CHEERS AND APPLAUSE)

>> Jon: NO, NO!

I APPLAUD YOU.

(LAUGHTER)

OUR GUEST THE MULTITALENTED

ANNE HATHAWAY, VERY PLEASED

ABOUT THAT.

BUT FIRST, THERE IS AN

ONGOING ARGUMENT IN THIS

VERY COUNTRY, ABOUT HOW BEST

TO CLOSE THE ENORMOUS

DEFICIT THAT WE HAVE

INCURRED.

REPUBLICANS HAVE PROPOSED

DOING IT ENTIRELY THROUGH

SPENDING CUTS.

WHEREAS THE DEMOCRATS HAVE

BRAVELY FOUGHT BACK

INSISTING WE DO IT ALMOST

ENTIRELY THROUGH SPENDING

CUTS.

WELL, THIS WEEK BIZARRELY

UNECCENTRIC BILLIONAIRE

WARREN BUFF AT THE TIME

ENTERED THE FREY.

>> THE BILLIONAIRE SAYS

WHILE MOST AMERICANS

STRUGGLE TO MAKE ENDS MEET,

WE MEGARICH CONTINUE TO GET

OUR EXTRAORDINARY TAX

BREAKS.

MY FRIENDS AND I HAVE BEEN

CODDLED LONG ENOUGH.

>> I PAY LOWER TAX RATE ON

MUCH OF MY INCOME THAN MY

CLEANING LADY DOES.

>> Jon: WELL, TO BE FAIR,

WARREN BUFFETT'S CLEANING

LADY IS ALSO A BILLIONAIRE.

(LAUGHTER)

>> Jon: WARREN BUFFETT'S OP

ED WAS A THOUGHTFUL TREATISE

ON THE ADVANTAGES THE

SUPERWEALTHY CURRENTLY ENJOY

AT THE HANDS AT THE TAX

CODE.

OR TO PUT THAT ANOTHER WAY.

>> UP NEXT TONIGHT, WARREN

BUFFETT, CLASS WARFARE.

>> MORE CLASS WARFARE FROM

AN A FABL BILLIONAIRE WHO

SHOULD STOP ASSUMING THE

RICH ARE ALL BILLIONAIRES.

>> WARREN BUFFETT WROTE AN

OP ED, IS HE COMPLETELY A

SOCIALIST?

(LAUGHTER)

>> Jon: IS WARREN BUFFETT A

SOCIALIST?

YOU HAVE NO [BLEEP] CLUE

WHAT SOCIALIST IS, DO YOU.

HEY, THAT GEORGE CLOONEY

ALWAYS BANGING DIFFERENT

BROADS WHAT A YEAR.

(LAUGHTER)

-- WHAT A QUEER.

(LAUGHTER)

>> Jon: SO CLOSING A FEW

CORPORATE TAX LOOPHOLES AND

RETURNING THE TOP MARGINAL

TAX RATE TO THE 90s ECONOMIC

BOOM TIME LEVELS IS CLASS

WARFARE.

AND IF THERE'S ONE THING THE

RICH HAVE LEARNED, IT'S THAT

CLASS WARFARE IS HELL.

>> HE INVOKED THE CORPORATE

JET CLASS.

>> SO THAT'S A WHOLE NEW

CATEGORY OF PEOPLE TO

DEMONIZE, RIGHT.

>> SOAK THE RICH, IT'S THEIR

FAULT.

>> BARACK OBAMA'S TAX ON

THESE EVIL, DISGUSTING

CORPORATE JET OWNERS.

>> DEMONIZING THE RICH AS

EVIL, AS LAZY, AS INHERITERS

OF THEIR WEALTH.

>> HE'S SAYING FAT CATS.

>> IT'S DISAPPOINTING.

IT'S CLASS WARFARE AND THE

KIND OF LANGUAGE YOU WOULD

EXPECT FROM A LEADER OF A

THIRD-WORLD COUNTRY, NOT THE

PRESIDENT OF THE UNITED

STATES.

>> Jon: TRUE, BECAUSE UNITED

STATES OF AMERICA IS NOT A

THIRD-WORLD COUNTRY.

BY ANY MEASURE.

EXCEPT PERHAPS INCOME IN

EQUALITY WHERE WE RANK-- WORSE

THAN THE IVORY COAST, WORSE

THAN CAMEROON-- 64th.

AH.

IN YOUR FACE URUGUAY,

JAMAICA AND UGANDA.

(APPLAUSE)

UGANDA?

YEAH, UGANDA, YEAH.

(APPLAUSE)

>> Jon: KEEP TRYING, RWANDA.

(LAUGHTER)

WOW.

AND BY THE WAY, NOT ONLY IS

CLOSING CORPORATE LOOPHOLES--

(LAUGHTER)

YOU ARE A NERD CROWD.

(LAUGHTER)

>> Jon: THERE'S NO DOUBT IN

MY MIND.

(CHEERS AND APPLAUSE)

BY THE WAY, NOT ONLY IS

CLOSING CORPORATE LOOPHOLES

AND RAISING THE MARGINAL TAX

RATE CLASS WARFARE, IT

TOTALLY WOULDN'T EVEN WORK.

>> YOU CAN TAX RICH PEOPLE

ALL YOU WANT.

AND YOU'RE NOT GOING TO --

>> THE IDEA THAT IF WE RAISE

TAXES AS THE PRESIDENT SAID

ON MILLIONAIRES AND

BILLIONAIRES, RAISE TAXES ON

OIL COMPANIES, RAISE TAXES

ON OWNERS OF PRIVATE JETS,

THAT THAT SOMEHOW IS GOING

TO MAKE A DIFFERENCE.

>> THE PRESIDENT WANTS TO

RAISE THE TOP 2 INCOME TAX

RATES WHICH WOULD RAISE

ABOUT $700 BILLION OVER TEN

YEARS.

YOU KNOW WHAT, THAT'S ONLY A

TINY FRACTION OF THE FEDERAL

GOVERNMENT'S DEFICIT.

>> Jon: $700 BILLION OVER

TEN YEARS.

(LAUGHTER)

THAT'S LESS MONEY THAN

WARREN BUFFETT'S CLEANING

LADY PULLS OUT OF HIS SHOWER

DRAIN EVERY WEEK.

(LAUGHTER)

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