Showing posts with label taxes on the rich. Show all posts
Showing posts with label taxes on the rich. Show all posts

Monday, August 15, 2011

I ♥ WARREN BUFFETT

Buffett in a New York Times opinion column:
OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.
....

I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation.
Read Buffett's entire splendid opinion piece. Will Congress pay attention? Will the Tea Party folks realize they are getting screwed? I'm not optimistic.

H/T to Padre Mickey on Facebook.

Friday, April 15, 2011

SEN. DAVID VITTER WRITES


What Sen. Vitter wrote:
Dear Friend,

If you didn't get a chance to watch President Obama's address on fiscal policy yesterday, you might be better off. It was nothing more than a partisan campaign-style speech that doubled down on raising taxes.

What the president has failed to realize is that the problem isn't that our taxes are too low – it's that the current spending habits in Washington have created a recipe for disaster. The answer is not increasing taxes or perpetrating ugly class warfare, but to make bold spending cuts so we don't leave this fiscal mess for our children and grandchildren. Increasing taxes during this economy would seriously hurt America's job creators.

If it weren't such a serious problem, it would almost be comical that the president claims that Obamacare will help reduce the deficit yet fails to acknowledge how much his failed bailouts, stimulus and other reckless spending have contributed to the fiscal mess we're in....

What I wrote:
Dear Sen. Vitter,

I watched the speech, and I thought the president's suggestion that the rich pay their fair share of taxes for the privilege of living in this great country was one of the best parts of the speech.

I also noted that the president placed the blame for blowing the budget squarely where it belonged, on the tax cuts for the rich and two off-budget wars that were never paid for during the presidency of George Bush and his Republican cohorts running wild, including you.

You have a nerve, Sen. Vitter. Do you think I'm stupid?

June Butler

And if asking the richest amongst us to pay their fair share is "perpetrating ugly class warfare", then I quote George Bush and say, "Bring it on!"

UPDATE: My friend Counterlight reminded me in a comment of Warren Buffett's words in a CNN interview with Lou Dobbs:
BUFFETT: Yeah. The rich people are doing so well in this country. I mean, we never had it so good.

DOBBS: What a radical idea.

BUFFETT: It's class warfare, my class is winning, but they shouldn't be.


The interview took place in 2005! The inequities are even greater today.