(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--

first dollar spent the less you make the larger your tax burden appears to be it's ironic that warren buffett who has taken advantage of some very skilled accountants and it's ernie's now turns around and says you know we should pay more and i have every confidence if mr buffett were to give this administration every dime of his immense fortune they would just waste it we would have such little vision show forward you know do you not answer why henschel accountability you know you know you don't answer my great you and i both i mean you're a tax guy you know this that if you make your living sitting on your body around the pool waiting for the dividend check to arrive the maximum in time tax rate you're going to pay is fifteen percent bets the rate that most hedge fund managers make which is what warren buffett is fifteen percent that's why his total taxes were seventeen percent and and anybody who makes over one hundred six thousand eight hundred dollars a year pays zero in social security taxes so again right i'm so sure that man about cassidy and hill is based tax will be significantly mor

warren buffett one of the wealthiest capitalist to ever set up shop in america is now a socialist according to fox so-called news so how can that be here away in a warren buffet's socialist leanings is conservative commentator and advocate for billionaires david so if they would welcome. thank you for having me tom as always it's a pleasure i am surprised you don't push back on my introducing you as advocate for billionaires you think of yourself as much. no i don't but what's the point you know whatever i say you'll roll over it like a steamroller throw a little do you have kill kill three why do you hate warren buffett. well i don't hate warren buffett but i have to tell you after reading his piece. he sounded a little like a book thought old old man he seems a little angry perhaps that you know the world is moving on without him i also thought it's astonishing that the president now is trying to garner some legitimacy by saying i agree with warren buffett we need to do this and that raise taxes this is ministration this president in particular is entirely too cozy with these mega investo

warren buffett and president called for tax hikes on the rich and 15% fewer of them. that's the decline in number of returns for those making over $200,000 a year. pretty much ben stein makes in a day. and that would be a 55% drop off in tax returns for those making over 10 million dollars, so ben stein, that's not is a good trend. >> well, it's not a good trend, but there is he' still plenty of rich people. we desperately need government revenue. where else except rich people if they have the money to buy bentleys, and they have the money to buy jet airplanes and money to pay more taxes. >> you're saying 200, 250,000 jet airplanes and-- >> no, i'm talking about people like you, have incomes of 10 million a year or more. >> you know, well, by the way, in issue of fairness, no one leaves into the 50% who aren't paying any income taxes that are credited. >> brenda: on pay income tax, too. >> neil: before we get to-- >> you have to take, you have to take away half of their net would worth to get what the bush tax cuts took away from the richest 1% of americans. >> and th

loopholes that was going to increase the amount of taxes he pays and if you ask warren buffett one buffett has had a hidden some of his tax revenue in foundations and when they ask him well why don't you put that up for taxable. bigots foundation and my kids who are running these foundations can handle this better than the government why does he get these foundational breaks and he's asking for more tax but the tax rate is this is what i want to you want to do away now you're talking out of both sides and i'm saying that he was the one to him so you said as he wouldn't we shouldn't have government funding for things like health care and charities and all those people because private foundations should take care of that on the other hand you just said but when rich people give money to foundations they should you know that's i don't know we should be just sort of this i want to you know i'm just. he wants people to pay higher taxes if he is himself you're trying to hide his hat you're hiding it accorsi is just some small part of of course he is the problem with. seventy percent he's paying

you need to know this let's listen to warren buffett the billionaire and one of the richest men on planet earth as some advice for lawmakers when it comes to taxes in an article in today's new york times buffett argued for his own taxes to be raised as well as others just like it writing while the poor and middle class fight for us in afghanistan and while most americans struggle to make ends meet we mega rich continue to get our extraordinary tax breaks my friends and i have been coddled long enough by a billionaire friendly congress it's time for our government to get serious about shared sacrifice off its message fell on the ears of president obama who is hosting a town hall in minnesota to kick off a three day bus tour across the midwest promoting his economic agenda take a look. if it had an op ed that he wrote today. where he said we better stop coddling billionaires like me he pointed out that he pays a lower tax rate that anybody in his office including the secretary and the reason is because most of his wealth comes from capital gains you don't get those tax breaks you're paying

>> tom: warren buffett rides to the rescue, investing billions of dollars in bank of america. analysts call it an important vote of confidence. >> today's deal takes away a lot of uncertainty-- not just about capital levels, but about management. >> susie: then, the man behind the iphone, the ipad and all things apple is stepping down. we talk with a top analyst and a management expert about apple after steve jobs. it's "nightly business report" for thursday, august 25. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> tom: good evening and thanks for joining us. two iconic american companies-- apple and bank of america-- and two iconic c.e.o.s-- steve jobs and warren buffett-- in the spotlight today. susie, investors spent the day trying to figure out whether it's time to buy or sell shares of apple and bank of america. >> susie: tom, steve jobs and warren buffett are visionaries t

they seriously commit to take down president obama in two thousand and twelve and billionaire warren buffett feels the country's wealthiest should pick up the slack by paying higher taxes so will my conservative annele backers opinion we'll see in tonight's lone liberal rumble. you need to know this it's beginning to look more and more like the republican field is not a race for the white house but is that a race to the bottom the bottom being radical far right policies you can wrap your head around firs there was rick perry earlier this week accusing federal reserve chairman ben bernanke he of reason. so. we. are you. training for. all. their interests just awful. he followed up those comments today by accusing climate scientists of manipulating climate change data for money. or their views i do believe that the. issue of global warming as does the size of yours are scientists who have. death. and severe. and i don't think remarks that america should be engaged in standing on still have a scientific theory they have to prove i guess risp rick perry is just doing his part to make sure americ

to begin warren buffett turned heads this week when he wrote this in the new york times he wrote while the poor and middle class fight for us in afghanistan and while most americans struggle to make ends meet we measure which continue to get our extraordinary tax breaks my friends and i have been coddled long enough billionaire friendly cars it's time for our government to get serious about shared sacrifice talks news followed up by accusing buffett of being a socialist. warren buffett wrote an op ed in new york times today so we should be i think you mentioned earlier we should get we should be taxed more i guess for the people who are doing a little cuddling you guys want to create your article you know these are job creators tax them a little bit more because they're not doing enough already what is this i mean is he completely a socialist so my question what's socialist about asking millionaires and billionaires to pay the exact same tax rate as their secretaries i think warren buffett should go and write a check to start the ball rolling on tax rates not voluntary contributions i

billionaire investor warren buffett shakes up his portfolio, people pay attention.mpany he chairs bought 1.5 million shares of the discount retail chain dollar general for about $50 million. he also picked up about two million shares of the insurance data phone. it rose almost 5% on monday. that's not bad money for mr. buffet. he increased his considerable stake in wells fargo bank by almost ten million shares and almost doubled his holdings in master card. but buffet sold six million shares of the food giant kraft. he still holds more than 150 million shares of that company. of course, why not? because after all, companies whose products you understand and i don't imagine he understands food pretty well like the rest of us andrew. >> i know the way around chocolate bars since -- buying a discount rye tailer and a credit card operator. there's a theme going on there as the u.s. struggles with a much weaker economy. buffet has made billions about how he coaxes profits from his investments. now he's telling u.s. congress that it needs to coax more taxes out of rich pe

billionaire investor warren buffett said please tax the rich. or is it just plain politics. this is from warren. we have proof ten years of bush era tax cuts have lost millions of jobs and not created a single job. calling the rich job creators is one more example of prop -- i have admired mr. buffett and realize that he cannot out of the goodness of his heart contribute a gift to the working capital of this nation. why does he use the tense loopholes that need changing? he can amend taxes for himself and his company and call publicly for his friends to do the same. in other words he could put his money where his mouth is. elvin says the following. keep those comments from. we will read through some of them later in the show. >>> your top stories are next, including wall street rallies up three days in a row. the longest winning streak in a month. can we expect good news today from the market? we will tell you on the other side. >>> the crew from the space shuttle "atlantis" will be with us live. what it was part to be a part of nasa's final shu

senator john cornyn tweeted for tax raising advocates like warren buffett i'm sure treasury would takepayment for deficit reduction as in hey, mr. buffett, just send the u.s. treasury a check. conservative blogs fired back, too. the red dog report said everybody knows that if tax hikes on the rich fails to solve our economic crisis, which we know they will not, then team obama can go back and ask for more. opening the door to a big tax hike on america's middle class. never mind polls show most americans favor taxing the rich more and many economists say spending cuts alone won't solve our debt woes. so the talk-back question today, is warren buffett's tax compromise good or is it just politics? facebook.com/carolcnn. i'll read your comments later this hour. >> thanks, carol. look forward to it. >>> here's a rundown on some of the stories we're covering over the next hour. first, he just got in the ring and is already throwing punches. tough talk from texas' rick perry aimed at the federal reserve. >>> plus, where do you go to find work? we're counting down the cities with the highest t

knows as alan greenspan said it warren buffett said they don't have to default they could print but that's worse especially if you're obama. older and you get paid back with monopoly money and so what this means is that all debt in dollars should be downgraded whether it's treasuries muni's corporates you name it if it's pay you back in dollars get rid of it all right now let's talk about the whole rating agency motif you know how they how they have the role that they've played in this crisis and what's been going on the last few years because during the lead up to the crisis they document very well in your book crash proof and crash proof two point zero you talk about how the rating agencies were a remez in that they gave the derivatives a collateralized debt obligations and these other concatenations bastardizations the securitization is triple a rating so why suddenly did they get religion how did that how did that happen because they were they were in you know again it's funny that the obama administration is saying well why should we listen to s. and p. after all they got it so wrong

special treasuries it will save the taxpayers a lot of money if warren buffett a really buy our debt if we pay nothing and of course he also said that the federal government has a pretty impressed well you know what good is that to our creditors it's great for the government because it you know it inflates away its liabilities but it also inflates the way the public's assets including the asses of ward a warren buffett of course he's criticizing. s. and p. for missing some private housing bubble he missed it too he got it completely wrong in fact many of his companies might have gone bankrupt if the financial institutions were bailed out by by the u.s. government but big the two trillion dollars math error so-called is again based on s. and p. not calculating the full amount of the savings that congress claims are going to be made over the next ten years based on what they agreed to but almost all of the two trillion in cuts happen sometime after two thousand and seventeen they'll be a different president will be a different contract congress they will not be bound by anything that w

take this review that again why that's really a false canard in all this and also comment on warren buffett's remark that moody's that s. and p. is somehow wrong and that his investment in moody's they're right yeah of course yeah people forget that he's got a dog and it's hot because he's a big shareholder in moody's and s. and p. has got it right that means moody's has got it wrong so when he comes out attacks moody's he's got it i mean s. and p. he's got it genda also this guy said that he would buy treasuries even if they had no yield so he would. i mean what good is his opinion if it's that moronic you automate maybe yeah you know senility is catching up with warren because obviously he can't be a great as graded investor as people think if he's saying he's going to buy treasuries even if they pay zero you know if that's the case let's sell him some special treasuries it'll save the taxpayers a lot of money if warren buffett or really buy our debt if we pay nothing and of course he also said that the federal government has a pretty press well you know what good is that to our creditors i

america why you pointed out in your blog that they would have gotten if that had turned from warren buffett as they would have gotten from the fat so why wouldn't they just go to the fed for that money could they could borrow that money from the fed for a twenty fifth of what they're eating corn buffett why would you pay twenty five times more six percent as opposed to a quarter percent for money that you supposedly according to the management of bank of america you don't need that doesn't make any sense and contrary to promoting confidence i think it sounds an awful lot like what happened in two thousand and eight when everybody ran around and said we're will capitalize we don't need money and then three weeks later they blew up well and at the same time just after that deal went through with buffett we see bank of america close to another major developing reported to sell half of its stake in china construction bank so it's bank of america as well capitalized why are they selling assets and getting investment from warren buffett i think in clapping i think the real problem with bank of am

and warren buffett, i mean, i would be in favor of raising taxes on warren buffett. let's have a voluntary raising of paying taxes. if you want to pay more taxes like warren buffett, you can put your rate up to 80%. he can pay 100% as far as i'm concerned. what i'm worried about is what that doll to small and medium sized businesses and investment. basically, we lowered taxes dramatically three times. kennedy, reagan, and bush. each time we've gotten a big economic bounce. >> let me ask you if you don't run, rudy, which of the candidates at the moment is the one that you would feel most comfortable being the nominee for the republicans? >> i haven't really focused in on it. i think that governor perry's record as governor of texas is an excellent one. ten years of excellent management. he has kind of the background that president obama lacked. but michele bachmann and governor romney also have things to argue in their favor. i'm a close friend of rick santorum. so there are a lot of -- and newt gingrich may be the single smartest guy in the entire race. so you've go

. >> warren buffett is going to invest in a bank of america.orfolk virginium as a navy fleet leaves port this is all in preparation for hurricane irene they are heading to a safer place we will be right back and laugh. writing for the opening bell on wall street as futures were down and we have had three winning days in a row on wall street nasdaq was up 22 asian stocks are up and oil prices are up in asia. we are keeping an eye on bank of america stock warren buffett is investing $5 billion in bank of america >> a new poll shows americans all look on the economy is damn more adults are blaming former president george bush then they are blaming of president obama. half of the survey think he should get a second term. >> steve jobs was the balance point of that company and now we're going to see a different company >> apple stock after closing took a big drop in we are keeping our eye on apple shares and steve the job when we come back. the bay area -- a place with natural beauty and a forward thinking spirit. at bank of america, we've been fuel

warren buffett investing on bank of america. on very important terms for berkshire hathaway. shares of the company jumped on the news. the big meeting in jackson hole, how does the economy shape up for the rest of the year. joining me is jack ablin. jack, good to have you on the program. thank you for your time today. >> thank you, maria. >> so, the markets have been watching and waiting to see what ben bernanke would say and do at this summit in jackson hole, wyoming. what is your reaction to the speech? >> well, i think it was pretty much big swing and a miss for the market. we had a big buildup earlier in the week in stock prices. i was fearful that that was in anticipation of the chairman coming up with some new magic solution. but realizing that he doesn't have a lot of arsenal left, i didn't -- you know, i have to imagine he didn't sleep very well thursday night and, of course, friday morning, we saw that he really put the ball back into congress and the president's court. >> yeah, he said things like, look, we need to see fiscal policy, that encourages companies to cre

warren buffett weighing in. what he says should have happened. what it means for everyday americans. could your credit card feel it as soon as tomorrow? >>> on the run, three young siblings who replaced bonnie and clyde, opening fire on police, robbing a bank and taking off. tonight what their mother told abc news. >>> "the help" the blockbuster book about the women of the south who were never thanked but quietly gave little girls the biggest gift of all. they listened and loved. >> you are smart. you is kind. >>> and the birthday wish, a wish from an 8-year-old girl turning 9 from her parents and grandparents. extraordinary gift she will give the world. >> good evening. we begin this sunday night with an emerging portrait of the loss, the brothers, fathers, husbanan and sons lost in the deadliest attack yet in for u.s. forces in afghanistan. 30 american troops were killed when an chinook helicopter was shot down this weekend. 22 of them navy s.e.a.l.s. tonight we have learned the u.s. military has sent forces in the battle zone to hunt down the

bank of america well their stock is tanking and they got a five billion dollars bailout from warren buffett to try to assure people that they're staying afloat is that a sign of what's to come for more banks well to answer all of these questions i spoke with karl denninger of the market taker and i started out by asking him if in fact it was good or bad that ben bernanke he didn't announce more quantitative easing here's what he said. quantitative easing two didn't work objective leave the only thing it did was live stock prices and now all of the increase that we got over the space of eight months came off in about three weeks so all we ended up with the is a temporary sugar high in the stock market and higher gasoline prices while higher gas prices are bad from a consumer groups point of view not good so i don't see why the market would be looking for him to do more of what hasn't worked or why he wouldn't engage in more of what hasn't worked it doesn't make any sense well who benefits from that because there are a lot of people that are saying that it's what's needed and that when it doe

coming up one of the koch brothers response to warren buffett's call for more taxes on the rich in my daily take i'll tell you how it's obvious that the koch's don't want a discussion about how they made their for about how their family made its first millions. what drives the world the fear mongering used by politicians who makes decisions couldn't break through a bit if we can made who can you trust no one who is in view who would have noble machinery see where we had a state controlled capitalism and school satchels when nobody dares to ask we do our t. question more. your take my take is a segment of the show where you have the opportunity to make yourself heard here on the big picture is your chance to share your questions comments rants and observations and i'll try to address them as best as i can my first comment came to us through the form of tom hartman dot com loomis asked were can one find raw data about the taxes paid by the top one percent you hear these figures thrown out all the time in aggregate but direct sources are really provided you know where these can be obtain

last week billionaire capitalist warren buffett called on congress to stop coddling millionaires and billionaires and raise taxes on people like himself the same level that his secretary pays asking that the over rich pay taxes like everybody else didn't just draw the ire of talking millionaire heads like eric bolling of fox so-called news who apparently missed econ one hundred one of those called bof a socialist he also said a fellow fellow billionaire oil all of our charles koch estate and released to right wing media outlets charles koch responded to buffett by writing i believe my business a nonprofit investments are much more beneficial to society well being than spend sunday in anymore money to washington which makes me wonder of charles koch even knows how he made his billions in america because he realized that it was thanks to washington's international treaties negotiated by government negotiators and ratified by the government senate that allowed his dad to do business with joseph stalin and make hundreds of millions by setting up fifteen oil refineries in communist soviet

warren buffett joins know talk about his column, the u.s. economy, the global economy, the deficit and the debt and what he thinks we should do about taxes. i am pleased to have another conversation with my friend warren buffett. welcome. >> good see you, charlie. >> rose: all right. this is not a new idea. >> no, it's not a new idea. i've done this three times in terms of checking in my office and ery time i come out to be the low taxpayer but this year i got a little more upset than usual. >> rose: so you decided you wanted to write and express what central idea? >> well, we've been hearing about shared sacrifice. and believe me, the people out there know what they're talking about on that. i mean, there is sacrifice going on all over this country and we're talking about people makingacrices about the promises that have been made to them in the future on some entitlements. so i decided to look around and see if any of my friends were being affected by shared sacrifice and they, like me, are enjoying these extremely low t rates and the very

(laughter) that's less money than warren buffett's cleaning lady pulls out of his shower drain every week. (laughter) no,-- so-- so $700 billion of raised revenue over ten years ain't even worth the effort. i assume these folks have the same why bother attitude towards low level spending cuts. >> a national endowment for the arts, for the humannities, all those frivolous things those should all be on the chopping block. >> federal employees don't pay for parking. >> so that would get them $140 million. >> he doesn't have to waste your tax dollars and travel around in a 1.1 million luxury liner. >> why are we spending $6 million, $1 million on the first lady. >> you got to start somewhere. even when we talk about npr, a million dollars here, that's a million dollars. >> jon: oh, so when you cut t it's a million dollars. but when you tax it, it's oh, $700 billion. all we had to do to raise $700 billion is cut $700,000 nprs. it's almost too easy. but if it's revenue you want, it does happen to be another place instead of the rich that you can look for it. >> warren buffett writing how t

if met nom -- mitt romney falters. >> mark preston out of washington, thanks. >>> billionaire warren buffetts he has been coddled long enough by congress and he actually wants them to raise taxes on him and all of his wealthy friends. poppy harlow has spoken to buffett a number of times. he is a big fan of poppy's and he is sitting down with her and talk about it more. tell us what he is saying now about this. >> reporter: kyra, he has been calling for years for higher taxes. always famous for saying i'm taxed more than my assistant than anyone else in the office. take a look at what this man pays in taxes and still asking to be paid more. we will pull it up. last year, 2010, $6.9 million paid in taxes. sounds like a lot of money but only 17.4% of his taxable income because he makes most of his money off investments and investments are taxed at a lower rate than your paycheck for everyone watching right now most likely. what is different in his plan, kyra, is that unlike president obama, he does not think the taxes should be raised on individuals making $200,000 or more. what he says is that

we're talking about warren buffett.w is joining us with the details of what's going on. mary, tell us what warren buffett is saying. >> reporter: well, billionaire warren buffett has said in the past that the rich should pay higher taxes but today he spelled out specifics in a "new york times" op-ed aiming his message to the members of the congressional super committee tasked with ways to balance the budget. it's gaining a lot of attention. it didn't take long for president obama to start quoting warren buffett's call to tax the rich. >> warren buffett had an op-ed that he wrote today where he said we've got to stop coddling billionaires like me. that's what warren buffett said. >> reporter: just as quickly as the president embraced buffet's call, critics like conservative pat buchanan dismissed it. >> why didn't he set an example and send a check for $5 billion to the federal government. he's got about 40 billion. >> reporter: in a stop coddling the super rich op-ed, the billionaire investor said while he paid nearly $

. >> warren buffett had an op ed where he said we've got to stop coddling billionaires like me. pplbe&e] that's what warren buffettÑi sa. he pointed out that heçó pays a lower tax rate than anybody in his office, including the secretary. he figured out that his tax bill, he paid about 17%. and the reason is because most of his wealth comesrom pital gains. you don't get those tax breaks. you're paying more than that. now i may be wrong but i thinkçi you're a little less wealthy than warren buett. that's a guess. the point is if we're willing to do something in a balced way, making some some tough choicesn terms of revue cuts and some folks who have done very well even in a tough economy, weÑi cn get control of our debt and ficit and we can start still investing in thingsike education, and basic research and infrastructure. they're going to make sure that our future is right. >> charlie: joining me here inÑi new york is bill bradley a former senator from new jersey. 25 years ago he was instrumental in forging a bipartisan tax agreement with president reagan. party feld stein is eco