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):
GROVER NORQUIST: If Buffett would go back and look at how the Kennedy years did after the marginal tax rate cuts, the Reagan years with marginal tax rates cuts, he'd understand that economic growth - you know, he says he made a lot of money selling bonds. The question is how much money the people who invested in those bonds made.
We need economic growth, not higher taxes, and if the government takes a dollar away, that dollar is not available to be invested. The return on that dollar is zero.
And for Buffett to not understand that if you take money out of the economy it's gone is a little bit odd. He's willing to write it. If he wants to write a check, he should write a check and shut up about what everybody else should do.
PIERS MORGAN, HOST: Well, that’s one view. I actually think it’s interesting the richest guy in America thinks he should be paying more taxes.
NORQUIST: Then do so. Do so.
Indeed - do so!
