Driving the rich people out is pretty dumb, if you’re a state or a city,” Munger told CNBC. “There are a number of places that have shot themselves in the foot — Connecticut, California, New York City.”
“If I were relocating into some state that had a huge unfunded pension plan, I'm walking into liabilities," Buffett said. "'Cause I mean, who knows whether they're gonna get it from the corporate income tax or my employees — you know, with personal income taxes or what. That liability isn't gonna — you can't ship it offshore or anything like that. And those are big numbers, really big numbers.
“The politicians are the ones that really haven't attacked it in a good many states. And when you see what they would have to do, I say to myself, ‘Why do I wanna build a plant there that has to sit there for 30 or 40 years?’” he said. “They will come after corporations, they'll come after individuals. They're gonna have to raise a lotta money.”
“If I were relocating into some state that had a huge unfunded pension plan, I'm walking into liabilities," Buffett said. "'Cause I mean, who knows whether they're gonna get it from the corporate income tax or my employees — you know, with personal income taxes or what. That liability isn't gonna — you can't ship it offshore or anything like that. And those are big numbers, really big numbers.
“The politicians are the ones that really haven't attacked it in a good many states. And when you see what they would have to do, I say to myself, ‘Why do I wanna build a plant there that has to sit there for 30 or 40 years?’” he said. “They will come after corporations, they'll come after individuals. They're gonna have to raise a lotta money.”
