Friends in high places

Warren Buffett endorses Hillary Clinton, who vows to implement “Buffett Rule”

Warren Buffett listens to Hillary Clinton at a Town Hall rally in Omaha, Nebraska. (Steve Pope/Getty Images

On a Clinton campaign rally in Omaha, Nebraska on Wednesday, famous billionaire and philanthropist Warren Buffett has endorsed Hillary Clinton, saying they are both committed to helping the less affluent. Introducing her at the event, he described how America’s rich had the odds stacked in their favor, having seen their income increased sevenfold over the last twenty years, while their tax rates have fallen. One of the primary reasons he would be “delighted when Secretary Clinton takes the oath of office”, he said, was the fact that “she will never forget the people who haven’t shared the same way” in the nation’s prosperity.

The billionaire son of a Republican congressman, who is famous for pledging to give more than 99 percent of his wealth to philanthropy, has become more outspoken and increased his donations in support of  Democratic politicians in recent years. In 2008, he already backed Hillary Clinton, as well as Barack Obama, in the primaries. In his speech he also took aim at the Republican party, describing their debates as a vaudeville show and mocking Donald Trump for bragging “every 5 minutes” about how smart he is. When Clinton took the stage after him, she promised she would fight hard to implement the Buffett Rule — a proposal backed by the billionaire that would place an effective tax rate of at least 30 percent on households earning $1 million or more annually. “I want to go even further,” the Democratic frontrunner added, “because Warren is right, as usual.”

Read the full story at Bloomberg.


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