Peter Schiff : Warren Buffett is Wrong

Peter Schiff : "There's a myth out there propagated by people like Warren Buffett that the rich used to pay much higher rates of tax than they do today. The truth is the opposite," "Back in the 1950s there was only one kind of income; now there's three,""Back then income was income. You could deduct losses in one category from gains in another category. Today you cannot do that," Schiff said Friday in a Daily Ticker video interview

Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.