Harvard Professor says Buffett is wrong.

In a bit of audacity, a Harvard professor states that Warren Buffett’s assessment of the tax situation is erroneous and that tax rates on capital gains and corporate income should be lowered or nearly abolished, rather than raise them as suggested by Buffett so the rich ‘pay their fair share.’ In an argument based around capital flight and how the current tax system distorts the market in such a way as to prevent new investors, Jeffrey Miron tells us that the less the government intervenes in the economy the better. He also suggests that we no longer bail out banks or car companies. Further, doctors and…barbers should no longer be licensed. Toward the end I didn’t know if I was reading an economist’s argument or a libertarian spiel. I call the professor’s remarks audacious since Warren Buffett has built an empire, literally from the ground-up, by investing his own income from long ago. Now he’s one of the world’s richest men. I think I will listen to him a little bit more….maybe I’m also tired of the constant academic debates over anything and everything.