More on Buffett as Policy Advisor

An intelligent reader and friend of IA has written in to argue with my reservations about Warren Buffett as an economic policy advisor. Proposition 13, our friend writes, should be repealed according to Buffett's prescription, while income taxes ought to be reduced in the Golden State. This would increase incentives to work and invest.

This is a good point. It is, after all, income tax rather than property tax that is crucial for the incentive to work hard. California does seem to have a warped system in this regard. Nevertheless, despite his point about Proposition 13, Warren Buffett has been rather outspoken in his opposition to every tax cut made by the Bush administration in its efforts to stimulate the economy. Conservatives have every right to be suspicious of him, for it is not apparent that the "Oracle of Omaha" would be willing to cut income tax in exchange for repealing Prop. 13.