Invester Warren Buffett is hosting two fundraisers for the reelection of President Barack Obama according to news reports. The fundraisers will be held in New York in September and in Chicago in October, 2011.
The mutual admiration between President Obama and Warren Buffett appears to be getting stronger. Seven months ago, Obama presented Warren Buffett with the Medal of Freedom. President Obama awards Medal of Freedom to extraordinary Americans.
In a September 19, 2011, address on economic growth, Obama referred to Warren Buffett’s discovery that his secretary paid a higher tax rate than her was paying.
So I am ready, I am eager, to work with Democrats and Republicans to reform the tax code to make it simpler, make it fairer, and make America more competitive. But any reform plan will have to raise revenue to help close our deficit. That has to be part of the formula. And any reform should follow another simple principle: Middle-class families shouldn’t pay higher taxes than millionaires and billionaires. That’s pretty straightforward. It’s hard to argue against that. Warren Buffett’s secretary shouldn’t pay a higher tax rate than Warren Buffett. There is no justification for it.
It is wrong that in the United States of America, a teacher or a nurse or a construction worker who earns $50,000 should pay higher tax rates than somebody pulling in $50 million. Anybody who says we can’t change the tax code to correct that, anyone who has signed some pledge to protect every single tax loophole so long as they live, they should be called out. They should have to defend that unfairness — explain why somebody who’s making $50 million a year in the financial markets should be paying 15 percent on their taxes, when a teacher making $50,000 a year is paying more than that — paying a higher rate. They ought to have to answer for it. And if they’re pledged to keep that kind of unfairness in place, they should remember, the last time I checked the only pledge that really matters is the pledge we take to uphold the Constitution.
Billionaire Warren Buffett is throwing his considerable financial resources, and influence, toward The Obama campaign. The $35,000 per plate dinner is being held on October 27, 2011, at the private home of of Byron Trott, who owns BDT Capital Partners, a high-stakes and very private investment firm. Trott’s company led an investment group buying the Chicago landmark Wrigley Building.
The co-hosts of the Obama fundraiser are Chicago business magnates John Rogers, Jr. and Penny Pritzker. Pritzker ran the national finance committee for the 2008 Obama campaign.
Warren Buffett is also on the panel of the Education Nation Summit. President Clinton at Education Nation Summit
President Obama’s campaign headquarters are in Chicago