A search at the Associated Press's national website on Warren Buffett's last name at about 5 p.m. ET returned two recent items which are still present there. Each item (here and here) mentions the Obama Fan of Omaha's idea to "impose a minimum tax of 30 percent on income between $1 million and $10 million, and a 35 percent rate for income above that." Neither mentions the pathetically small amount such a tax would raise while seriously impacting the ability of high income earners who own or run businesses to expand them -- or in some cases causing them to shrink.
It's the same at other establishment press outlets. Two recent New York Times items found in a search on Buffett's full name (here and here, the latter item being Buffett's own op-ed on Sunday) fail to note how little money Buffett's proposed tax hikes would raise. So how little is "little"?
NewsBusters publisher Brent Bozell appeared on the November 28 edition of CNBC's Kudlow Report, in his capacity as chairman of For America.
Kudlow brought the Media Research Center founder on to discuss the fiscal cliff and the need for Republicans to stand firm on opposing tax hikes, especially in light of the liberal media's tag-teaming with Democrats. "I can't hardly pick up a newspaper or website and not see anybody blaming [anti-tax-hike activist] Grover [Norquist]," Kudlow observed. You can watch that full segment below the page break. You can also find a transcript courtesy of Media Research Center intern Ryan Robertson below ( MP3 audio here):
New York Times White House reporter Jackie Calmes celebrated President George H.W. Bush's 1990 budget deal "achievement" in her "Debt Reckoning" column Thursday, part of a new feature on the debate over the "fiscal cliff": "Looking for Lessons In the 1990 Budget Deal." The deal was blasted by conservatives as a disaster which failed to close the deficit as promised, because the proposed spending cuts never came, while income tax rates dutifully rose.
Calmes, who almost always takes the Democrats side in budget disputes, even took sides in her descriptions, calling former Democratic House Speaker Tom Foley "genial" while pronouncing former Republican White House chief of staff John Sununu "pugnacious."
On Thursday's CBS This Morning, new White House correspondent and former Fox News journalist Major Garrett bucked the "militantly non-partisan" label he gave himself over a year ago when he hyped the President's supposed populist stand in the fiscal cliff negotiations with top leaders in Congress: "President Obama is adamant about protecting existing income tax rates for middle-income earners and raising them on the wealthy."
Garrett later spotlighted how Obama "warned Republicans not to ignore his calls to protect middle-income households from higher taxes."
Once again, CNN pressed a Republican to support income tax hikes. On Thursday, Starting Point co-hosts Brooke Baldwin and John Berman tried to paint GOP opposition to tax increases as at odds with the American people and a financial expert.
"So here is one of the biggest guys in finance on the planet saying that maybe a tax rate increase should be part of a deal. Does he have a point? Can't it be part of a deal?" pushed Berman. He cited the CEO of Goldman Sachs, Lloyd Blankfein, who said he "wouldn't preclude" the President's plan to raise tax rates. [Video below the break. Audio here.]
In an interview with CBS News anchor Scott Pelley last week, Goldman Sachs chairman and CEO Lloyd Blankfein immediately brought up a highly sensitive subject that liberals in the media and highest levels of government refuse to acknowledge: entitlement spending on Social Security, Medicare, and Medicaid are unsustainable at their current rate and need significant reform to ensure those programs exist in the future.
In response to the clip, MSNBC host Ed Schultz and Teamsters President James Hoffa were beside themselves on Tuesday night's Ed Show -- offended that Blankfein would voice such a "misinformed" view on national television. The only son of the notorious Jimmy Hoffa was ardently opposed to the idea that there is anything currently wrong with the system as is, to suggest otherwise is just "outrageous" he thundered. [ relevant video & transcript below ]
On Tuesday, Piers Morgan lashed out at "intransigent" Republicans and lectured RNC chair Reince Priebus that now is the time to compromise and increase taxes "to the benefit of the American national interest."
"But you Republicans led by Grover Norquist areabsolutely intransigent about allowing any raise in taxation, and yet the American public want you to do it," Morgan lectured Priebus. Later on in his show, he smacked "implacable" GOP opposition to tax increases. [Video below the break. Audio here.]
It’s the Republicans who are in a bind. They’re beholden to the will of the evil genius Grover Norquist. They’re scared to death of The Club for Growth. That's the trite liberal media narrative that CBSNews.com's Brian Montopoli furthered earlier this morning in a piece in which he forecast that the Republicans, and only Republicans, are in for a bruising in the coming weeks should a "fiscal cliff" deal not be finalized. But in doing so, Montopoli conveniently forgets that Democrats have their pressure groups that hold their feet to the fire against any significant spending cuts and/or entitlement reform.
Perhaps Montopoli doesn't watch his own network's evening newscasts. On the Tuesday Evening News, correspondent Nancy Cordes noted that Democrats and President Obama are digging in their heels against any proposed deal which addresses entitlement spending. In fact, forty-two Democratic members of the House have signed on to a bill that explicitly prohibits cuts to the welfare state.
For quite a while now, there has been a media focus (ironic considering the TV reporters and anchors are mostly 1 percenters) on an allegedly growing gap between the wealthiest Americans and those of more modest means. Unfortunately, this is only a partial picture since income is much more predicated on stock market growth and not related to many other facets of the economy.
Writing at the American Enterprise Institute, blogger James Pethokoukis highlights a very interesting report about tax laws and income distribution which shows that when looked at the broader context, it is incorrect to suppose that U.S. tax policy has somehow created a vast disparity of wealth in this country. Two charts from his post are worth reposting here at NB:
The conventional wisdom has emerged that in order to avoid the so-called “fiscal cliff,” politicians in Washington must agree to some method of tax increases (“revenue”) – which will be real, even if low taxes are not the cause of our ills -- alongside some kind of promise of spending restraint on entitlement programs, which is our problem, and which no one believes Washington will restrain.
The American left and our “objective” journalists – same thing, I know – are not helping the nation balance its budget. As usual, these partisan hacks are obsessed with tearing the Republican coalition apart, limb from limb. By empowering the GOP moderates, they drive the conservatives into exile. These liberals are dishonest, but not dumb. They have no intention of honoring a pledge to curtail wasteful spending. What they want is GOP civil war.
CNN kept pushing for Republicans to abandon Grover Norquist and his anti-tax hike pledge on Monday evening. Piers Morgan belittled Norquist and ostracized him from the debate over tax hikes.
"Why are you so concerned about protecting the vast wealth of America's small percentage of increasingly rich people? Why do you care?" Morgan pressed Norquist, adding, "Everyone laughing at you from afar." [Video below the break. Audio here.]
Throughout the liberal media's ceaseless coverage of the impending fiscal cliff debacle, they have fixated on hiking taxes on the "rich," even though doing so would come nowhere close to solving America's fiscal woes. Whatever short term gain in revenue from tax hikes will not last the federal government for very long, and another credit downgrade is inevitable if entitlement reform continues to be ignored.
Nowhere is this 'tax the rich' and 'fair share' obsession more blatant than on MSNBC, where the Obama administration's message is amplified on a daily basis. Take Tuesday's Jansing & Co for instance. Host Chris Jansing set up Huffington Post contributor Ryan Grim to advise President Obama and Democrats on the Hill, which amounted to him reiterating that going over the fiscal cliff may not be such a bad thing after all. Democrats can appear to be the tax cutters as a result, by reinstating the Bush tax cuts on all but the top income earners. [ video below, MP3 audio here ]
Anti-tax activist Grover Norquist has suddenly become liberal Public Enemy #1 as the media pressures Republicans to accede to rising taxes. Frank Bruni devoted one of his excessively personal New York Times columns Tuesday to demonizing Norquist: "Is Grover Finally Over?" The text box: "Pledges are for purists, who have no place in a democracy." Is that how the paper feels about regulatory activists like Ralph Nader?
Norquist is evidently guilty of once regaling Bruni ("on a long train ride") with the case for Mitt Romney choosing the governor of Puerto Rico, Luis Fortuño, as his vice presidential nominee. Bruni used the tale to accuse Norquist of not being a serious policymaker.
In an interview with Berkshire Hathaway CEO Warren Buffett on Tuesday's NBC Today, co-host Matt Lauer was puzzled by GOP opposition to the billionaire investor's call for higher taxes: "One of the ideas being pushed out there by the Right is that if you raise taxes on the wealthy it will have a chilling effect on hiring and investment in this country....Why do you think Republicans are clinging so tightly to that idea?" Buffett replied: "Well, I think they're worried about primaries next time, but I think you're seeing people peel away from that." [Listen to the audio or watch the video after the jump]
Earlier in the discussion, Lauer wondered: "...you favor a minimum tax rate for the wealthy....Do you see the political will in Washington right now to accomplish that and come up with a compromise?" Buffett replied: "I think there's a general feeling among the American public certainly, and even among many in Congress, that the rich like me have been getting away with low tax rates, and that it's time to make the tax rates more progressive."
For the second time in less than 24 hours, ABC's Jon Karl on Tuesday hyped a "newfound willingness" by Republicans to compromise on raising taxes and a possible abandonment of "anti-tax enforcer" Grover Norquist. [See video below. MP3 audio here.]
Yet, this didn't appear enough for Karl who lamented that "even Republicans who say they are willing to violate the pledge say they will only do so by closing loopholes, not by doing what the President wants to do, which is raising tax rates." Talking to Norquist on Good Morning America, the journalist quizzed the founder of Americans for Tax Reform on pledges his organization encourages politicians to sign: "If somebody signed this 10 years ago, 18 years ago, 20 years ago, are they still bound by it?"
Billionaire Warren Buffett said Monday that there should be a minimum tax on the wealthy.
Appearing on CNN's Piers Morgan Tonight, low tax advocate Grover Norquist responded, "If he wants to write a check, he should write a check and shut up about what everybody else should do" (video follows with transcript and commentary):
ABC anchor Diane Sawyer and correspondent Jonathan Karl on Monday night salivated over Republicans breaking Grover Norquist’s anti-tax pledge. “We did see a sign the paralysis may be ending,” Sawyer relayed over “Tax Revolt?” on screen, touting “a Republican mutiny against a man who had convinced them to take a pledge.” She soon trumpeted the “new sign of flexibility.”
As if that’s a bad thing, Jonathan Karl fretted “the pledge is the biggest obstacle to any deal that would raise taxes.” But he saw hope ahead in how “with a budget crisis on the horizon and a re-elected President insisting on tax increases, some Republicans are now thinking the unthinkable: Ditching the pledge.”
After smiling on Republicans who stepped away from Grover Norquist's no-tax hike pledge, CNN pressured the GOP House Majority Whip to raise income tax rates on Monday's The Situation Room.
Anchor Wolf Blitzer suggested a tax hike on those making over $250,000 a year, noting "those families and those small businesses did quite well during the years of the Clinton administration when the rate was 39.6. Why not go back to that?" [Video below the break. Audio here.]
On the November 25 broadcast of ABC's This Week, former Bush advisor Matthew Dowd continued his shift away from the Republican Party by bashing conservative anti-tax activist Grover Norquist, saying he’s a impediment to good government. For good measure he childishly drew the connection to the name of a Muppet character on Sesame Street.
"Grover Norquist is an impediment to good governing…and the only good thing about Grover Norquist is he’s named after a character from Sesame Street…and that’s the last I hope we hear of him,” according to Dowd. It’s sad that some on the Right feel that fighting for the American taxpayer is “an impediment to good governing.”
Charlie Rose and Norah O'Donnell sung from the same liberal sheet music on Monday's CBS This Morning as they tried to get Republican Senator Bob Corker to commit to higher federal taxes. Rose wondered if the Corker was "prepared, as others are doing, to...say, I'm going to forgo the [anti-tax hike] pledge because it is outdated and the country's problems are too big." O'Donnell asked the Tennessee politician if he was "willing to also raise the capital gains rate."
O'Donnell also cited "independent analysis" by the Tax Policy Center, but omitted that it is a project of two liberal organizations - the Urban Institute and the Brookings Institution.
CNN broke out the pom-poms on Monday and cheered the Republicans who reneged on Grover Norquist's no-tax hike pledge. CNN contributor John Avlon lauded them as "profiles in courage."
Avlon quipped that now "people don't fear the Grover. And that's a good thing, you know." Anchor Carol Costello clearly liked the GOP mutiny, asking "how excited should we really be by all of this talk of throwing Grover Norquist under the bust [sic]?" [Video below the break. Audio here.]
Deck the halls! The Obamas were Christmas shopping on "Small Business Saturday," and spurring economic growth with their consumer spending. Economic activity that may come to an abrupt end if we take the plunge off the fiscal cliff.
CBSNews.com reporter Lindsey Boerma wrote on November 24 about the outing detailing how, “accompanied by his daughters Sasha and Malia, the president journeyed across the river to One More Page Books, which the White House described as an "independent, neighborhood bookstore." After consulting his Blackberry for an apparent holiday wish list, he purchased 15 children's books before even browsing the store.” But is President Obama really pro-small business?
Talking to chief White House correspondent Chuck Todd on Monday's NBC Today, co-host Savannah Guthrie enthusiastically touted: "...we've seen a few Republicans peeling off from a pledge they signed to Grover Norquist, who, of course, is a lobbyist, an anti-tax lobbyist, who's been very powerful among conservatives. Is that a significant move?"
Todd replied by urging the rest of the GOP to similarly abandon core conservative principles: "I'll be impressed when you start seeing House Republicans do it....where it looks like Republicans are softening, it's Senate Republicans. If this deal could be cut between the Senate Republicans and the White House, we wouldn't even be talking about this...the fiscal cliff wouldn't be an issue."
This morning the Obama administration's "National Economic Council & Council of Economic Advisers" jointly released "The Middle-Class Tax Cuts' Impact on Consumer Spending & Retailers." Among the howlers in this non-economic political document: "Independent Economic Analysis Clearly Demonstrates Why We Need to Extend the 2001/2003/2010 Tax Cuts for the Middle-class." But not everyone else? Don't high income-earners spend money too?
The primary thrust of the administration's release is that, in regards to negotiations to avoid the "fiscal cliff," is the predictable class warfare clarion call, complete with kidnapping-related rhetoric: "There is no reason to hold the middle-class hostage while we debate tax cuts for the highest income earners." The word "hostage" appears three times in the first two pages of the document. The subtext, of course, is that the hostage-holders are the Republicans in Congress, particularly the House of Representatives. At the Politico, Byron Tau ignored this classless, tasteless partisan tack by supposed professionals:
Ah, Thanksgiving. A time for Americans to come together, be grateful for their blessings—and tell people with different politics to stuff it?
That's apparently Ed Schultz's take on the holiday. On his MSNBC show this evening, gloating over his presumption that taxes will be going up on the top 2%, Schultz sent this warm 'n fuzzy message to John Boehner: "think about it over your turkey and stuffing Speaker Boehner. And by the way, you can put some gravy on that--and you know the rest of the sentence." View the video after the jump.
CBS News political director John Dickerson all but crossed his fingers on Wednesday's CBS This Morning as he forwarded the idea of letting the country go over the looming fiscal cliff so President Obama could gain the political advantage: "There is an argument for actually...letting this happen. The President gets even more leverage."
Dickerson explained that "if the so-called fiscal cliff happens, taxes go up for everybody; then, you have a conversation about – not about raising taxes, but about, then, cutting taxes." So, the President and Congress will look good for supposedly cutting taxes after raising them?
It's been over a week since the Michael Bastasch at the Daily Caller exposed EPA Administrator Lisa Jackson's use of alias email accounts to conduct official business. A Monday evening Investor's Business Daily editorial noted that this practice is more than likely illegal, because "Federal law prohibits the government from using private emails for official communications unless they are appropriately stored and can be tracked" -- something which can hardly be done if non-flagged Jackson accounts are under names like "Richard Windsor."
Despite the obvious journalistic hot buttons of government secrecy and stonewalling (the Competitive Enterprise Institute has been trying through freedom of information requests since May and a lawsuit filed a few months later to get the EPA to reveal the contensts of "certain correspondence on the secondary email account assigned to" Ms. Jackson), establishment press coverage has been virtually non-existent.