Buffett Watch

GOP's Rick Perry: Warren Buffett Doesn't Understand 'Real World' of 'Overtaxation'

Texas Governor Rick Perry
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Warren Buffett has never been particularly popular with conservatives, but he's really stirred them up with his latest call for higher tax rateson the super-rich.

In a new salvo during a live interview this morning on CNBC's Squawk Box, Republican presidential candidate Rick Perry accused Buffett of not understanding what's happening in the "real world."  (Perry also took some shotsat Federal Reserve Chairman Ben Bernanke.)

What's happening, in the Texas governor's view, is that "overtaxation and overregulation" are preventing companies from creating jobs.

Gov. Rick Perry Slams Buffett Rule

Here's the transcript:

ANDREW ROSS SORKIN, Squawk Box Co-Host:  Governor Perry.  Real quick.  Warren Buffett's going to be in New York tomorrow for an Obama fundraiser.  I'm curious about your thoughts on the 'Buffett Rule' and it goes to some of this class warfare issue.

GOV. RICK PERRY, (R-Texas):  Well, I think it's right down to the real problem that we've got in Washington, DC, is an administration that is listening to people who really don't have an understanding about what's going on out there in the real world.

SORKIN:  You think Warren Buffett —

PERRY:  I respect Mr. —

SORKIN:  You don't think that Warren Buffett —

PERRY:  I think Mr. Buffett is a really intelligent individual.  But I can promise you.  He doesn't know what's going on in places where the job creation is at a zero because of overtaxation and overregulation.  Dodd-Frank is strangling the small community banks across America.  It needs to be repealed.  We need to get Washington out of the business —

SORKIN:  And taxing —

PERRY: ... of overregulation.  It's killing our country.

SORKIN:  ... and taxing millionaires, you believe ultimately is going to kill jobs?

PERRY:  I think taxing millionaires is such a fake way to talk about what's going on in this country.

Rick Perry, Jobs & the Fed

Buffett will have an opportunity to respond tomorrow (Friday) when he appears live on CNBC with Sorkin at approximately 10:15a ET.  The billionaire will be ringing the Opening Bell at the New York Stock Exchange to draw attention to Business Wire, a Berkshire subsidiary that is celebrating its 50th anniversary.

Buffett may, however, try to keep the spotlight on and Cathy Baron Tamraz, its CEO, by avoiding politics when he's talking to reporters tomorrow.

Politics, however, will be front and center tomorrow night when Buffett hosts a private Manhattan fundraiser for President Obama.

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