Thanks, guys. (And Jeff Bauer for sending me the link.) Jeff writes: ‘The part I found interesting, that I hadn’t heard before, was his response to Tom Brokaw’s challenge of choosing the most rational form of taxation. ‘You can have just an unlimited IRA. As long as you invest money, and don’t actually spend it for yourself, or your kids don’t spend it, or whatever – you don’t get taxed. As soon as you start making withdrawals from society’s bank, start using the resources, the sweat of other people to benefit yourself, you would pay on that. That’s the one that makes the most sense.’ Unfortunately, as Buffett points out, it ain’t gonna happen.’
☞ I also like Buffett’s comment on CEO pay. He draws the contrast between the way executives may stay up all night bargaining with a union to save the company money and how CEO pay gets set. He’s never heard of a compensation committee playing tough at 3am resisting the demands of a CEO.