Warren Buffet: The Orifice of Omaha

Billionaire blowhard Warren Buffet is leading a one-man band to drum up support for hiking taxes on his pals in the upper earning bracket. The once publicity shy businessman has become a media darling and a personal shill for President Obama during his high-profile class warfare campaign.

Most Americans know little about Buffet, dubbed the "Oracle of Omaha" for his ability to cherry pick undervalued companies for his firm, Berkshire Hathaway.  His net worth has been estimated at something north of $46 billion. But he is less than forthcoming about his immense wealth.

The 82-year-old, self-described agnostic has invested billions in companies ranging from railroads to candy companies, jewelry chains, insurance underwriters, newspapers and furniture stores.  Buffet scrupulously avoided the limelight for most of his career until he recently became infatuated with notoriety.

In his latest evangelical outreach, Buffet lectured the country on how jacking up taxes would boost the morale of those unwashed middle class Americans.  His sermon was delivered as the president stumped on the moral imperative to eliminate the Bush tax cuts for high-income families.

The pomposity of Buffet is only eclipsed by his hypocrisy.

For starters, Buffet's army of lawyers and tax accountants at Berkshire are contesting nearly $1 billion in Internal Revenue Service (IRS) claims against his companies.  One of the firms, NetJets, sued the government over $642.7 million in back taxes, interest and penalties.

The sanctimonious Buffet could set a good example for corporations by paying his business taxes.

While Buffet scolds others about paying their fair share of taxes, the iconic billionaire has taken deliberate steps to shield as much of his income as possible from the IRS.  For instance, Buffet has shifted billions of dollars into a private charity to skirt paying billions in taxes.

Buffet pays a lower tax rate than most Americans earning $250,000 and up because the majority of his wealth has been generated by stock ownership, which is taxed at a lower rate than wages. That helps explain why the industrialist lobbies for higher tax rates on those wretched small business people.

The hypocrisy doesn't end there.  

Included in Buffet's portfolio of companies are life insurance firms that peddle estate planning products that help the wealthiest Americans lower the amount of taxes they pay the government.  When taxes are raised, it fuels demand for even more tax shelters, which benefits Buffet's legion of companies.

Buffet's support for President Obama's soak-the-rich scheme is not entirely altruistic either.

The moneyed mogul counts Government Employees Insurance Company (GEICO) among his holdings.  Obama's push to grow the government bureaucracy has benefited GEICO, a company that serves a large portion of the federal workforce.

Buffet also hit the jackpot when the president derailed the multi-million dollar Keystone Pipeline project.  Obama's decision opened the doors for the tycoon's railroad company (BNSF) to haul oil across the country at a higher rate than it would have cost to pump the crude over a pipeline.

Yet the media has cloaked Warren Buffet in a sheen of self-righteousness. 

Buffet, like Obama, isn't really interested in tax fairness.  The narcissistic magnate wants to ingratiate himself to the president to secure preferential treatment for his sundry industries.  Buffet has always finagled every advantage to enrich his vast portfolio.

If he wants to "boost the morale" of the middle class, Warren Buffet should shut up.  A little more silence from the Orifice of Omaha would be a welcome relief for all Americans.