Warren Buffett: ‘Stop Coddling the Super-Rich’

Photo: Mark Hirschey

Photo: Mark Hirschey (CC)

Billionaire Buffett sounds off in the New York Times:

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.

Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.

If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine — most likely by a lot…

[continues in the New York Times]

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  • Mamagriff50

    Thankyou Mr. Buffet….Now we should make the Republicans read, understand and do a report on this article. That way the American voter can see exactly where they stand, [watching out for their tax free $$$$$!!!!]

  • Mamagriff50

    Thankyou Mr. Buffet….Now we should make the Republicans read, understand and do a report on this article. That way the American voter can see exactly where they stand, [watching out for their tax free $$$$$!!!!]

    • Just me

      After that, we need to make the dems. read, understand and do a report on the fact that raising taxes still could not be raised to a high enough level to cover their outrageous spending, go ahead and raise taxes on the rich, but spending still needs to be drastically reduced, things like the outrageous “we have to pass this so we can find out what is in it” healthcare bill,  the stimulus that did nothing but increase the debt need to be stopped, ridiculous programs like cash for clunkers, bailouts for banks, automakers and homeowners who irresponsibly got homes way out of their affordability range, subsidies to farmers to not grow certain crops could be stopped. etc. etc. etc.

      • http://www.theamericanbookofthedead.com Henry

        Somehow you say all that without mentioning Bush’s wars.

        • Just me

          Bush’s wars,aren’t a good thing either but guess what? They are O’s wars now and so far I haven’t seen much action on his part other than a whole lot of golfing.

          • Anarchy Pony

            Yeah, just like you would expect from a dirty capitalist. You talk about how he is so socialist and wants to spread wealth around and that makes him evil and suspect, and then you describe how he is a hypocrite and just like the people you love so much. Does it hurt not knowing whether your coming or going?

          • Just me

            Hey, I’m not denying that Bush made mistakes, he did some stupid things, both sides do, the thing is Bush isn’t in office anymore and it’s time to stop playing the blame game because sitting around blaming isn’t going to get things fixed.

      • JustYou

        Should we cut military spending, as well?

        • Anarchy Pony

          Of course not. It’s not like they have completely lost track of trillions of dollars since the 90s or anything. 

          • Adam

            Considering the feds spend about 680 billion dollars a year on defense (give or take a few milli), a few trillion over the course of twenty years is just not a big deal to these fuckers, which is the real problem.  The rich and powerful of the govt/corporate/military-industrial oligarchy are so profoundly disconnected from the vast majority of people that they simply cannot understand the level of anger most of us have about how our money and our work is being exploited and wasted by those in power.  Ever listen to the Rockefellers or Morgans or DuPonts wax poetic about the beauties of laissez-faire capitalism?  Of course not, because what they would say and how they would act would horrify the “average” working person; just think of Tony Heyward and his “I want my life back” sob-story bullshit after the BP oil spill.  Buffet just has a conscience is all.

        • http://pulse.yahoo.com/_MOXBYE3QE2QFIG2QMWWWEZ6LWA zon moy

          Yes, we should cut the military until the only role it can fulfil is to guard our nations borders and nothing more.

      • Rex Vestri

        Maybe you don’t realize it, or don’t want to acknowledge it, but the entire reason we’re in this mess is the fact that George W Shrub did two HUGE things: He cut taxes and then BORROWED the money to pay for the it from other countries, and he started TWO illegal and protracted wars and funded them through the use of special supplemental budgets (so as to avoid undergoing the scrutiny of Congress).  THAT is the true reason we’re in this huge mess – Bush’s tax cuts/borrowing, and both of the illegal, imperialistic wars we’re fighting.

      • Ladymagdalene7

        I hate to tell you this pal but Bush started the bailouts and the stimulus packages.  As for homeowners who bought “irresponsibly” you can flat out blame shady lenders and sellers of dreams.  Stop watching Fox, it is making your brain mushy.

        • Just me

          I hate to tell you this pallina but the stimulus that passed while Bush was in office had to pass through the Democrat controlled house and senate before he could sign it, so simply put, the Dems. wanted that stimulus as well. As for those who bought outside of their means, blaming “shady lenders and sellers of dreams” is stupid, the blame lies squarely on those who took out these outrageous loans in the first place, no one put a gun to their head and forced them to sign the purchase agreement. Sadly now it is the taxpayer that is left holding the bag.

          • Nuggett

            “Sadly now it is the taxpayer that is left holding the bag.”
            Oh my fucking shit.  Cry me a river.  Let me guess…you drive a 2010 Chevrolet Tahoe?  

            Next time by a Geo, bitch, so you can pay more taxes.

          • Just me

            Nugget, you sound like the kind of deadbeat that supports Obama’s “spread the wealth” mentality, probably sitting at home smoking crack on the taxpayer’s dime.

          • Nuggett

            Worked my way to upper middle class without any help and still under 30 years old?  Yeah, you pegged me there….

          • Anarchy Pony

            Obama doesn’t have a spread the wealth mentality. The idea that he does is fiction, it was campaign rhetoric only.

          • Ladymagdalene7

            Are you kidding me right now??  It was Bush’s idea and economists were screaming that we would sink if it wasn’t put into place.  And yes, seller’s of dreams took advantage of those who were not educated and savvy and practiced predatory lending.  Do some research will you.

          • Just me

            No kidding, I’m going to repeat myself but I doubt you’ll get it the 2nd time around: The Dem. controlled senate and congress had to pass the first stimulus bill before Bush could sign it, so the Dem’s. still share in the blame, same Dems. that passed the 2nd. failed stimulus that Obama signed…… As for seller’s of dreams taking advantage of those who were not educated and savvy and practiced in predatory lending, These fools still signed on the dotted line of their own free will, we do not need to coddle these people, we do not owe these people a living or any kind of handout simply because they bit off off more than they could handle. You go do the research!

  • Wanooski

    They get coddled because they control the fucking government. And if they weren’t, most of them would take their capital and flee like the greedy cowards that they all really are.

  • Anarchy Pony

    They get coddled because they control the fucking government. And if they weren’t, most of them would take their capital and flee like the greedy cowards that they all really are.

    • Nunzio X

      Probably, but I say let them flee like the cowards they are, and don’t let the door hit them on their fat asses on the way out—-because I might still have my boot stuck in one of their assholes and I don’t want the door slamming on my leg.

    • Liam_McGonagle

      Only true up to a point.

      I’ve had many conversations with otherwise intelligent people who seem to have dove-in head-first into the “new economy” myth that asserts that the fundamental issue of control over physical resources which underly all economic analysis since the inception of the discipline, are now obsolete due to the “magic” of information technology that appears to make sweeping changes in market dynamics with the mere scratch of a pen.

      In the short term it’s true that manias and bubbles founded on no more than wishful thinking or strategically planted rumours can cause diasasterous declines in capital holdings.  Being the study of shared notions of value and reciprocal exchange, economics is fundamentally branch of psychology, even if the amount of quantification models periodically distracts us from the fact.

      But there IS a shared hierarchy of economic values, wrapped around a hard core of inescapable biological realities.  In the long-run it’s not tenable for them to flee to the blasted desert rocks where they do their banking.  Numbers gaming can take a country only so far.  Sooner or later it will suffer from thirst, irregular, nutritionally unbalanced diets and even the raw minerals and power generation needed to keep it’s kabbalistic computer trading models running. 

      Hence the panic experienced upon America’s downgrade.  The chimera manufacturers got to work quickly to stifle it, but that day the realisation hit the surface:  The United States, the nation with the largest, most robust and diverse pool of natural resources in the world may no longer be willing or able to underwrite fantasy financial markets.

      “Leaders”, if there be any who merit that description yet, will realize this and take action accordingly.

    • Jin The Ninja

      You need to set up your disqus account so a ninja can follow you.

      • Anarchy Pony

        Ninjas following me is the basis of at least three of my screenplays…

    • emperorreagan

      I don’t think they would flee for two reasons:

      1. Even if you raise the personal taxes on these folks, they’re still going to be making out better than they would in most countries with similar levels of development.  They would, by and large, have to flee to countries with lesser development.  Corporate capital is easier to move around than personal capital; if you’re trying to dodge the tax-man with personal earnings, you would have to change citizenship, not just have a fake office address in some far-flung location (or you could stick with trying to hide it like some people do now and not make any changes, hoping that even though the laws change the funds for enforcement at the IRS do not).  

      2. Leaving your native culture is a big deal.  It takes a certain amount of bravery to uproot yourself and cast off everything familiar.  They would certainly be in a better position to try to buy some familiarity than most, but I would be willing to bet that the vast majority of that top 1%, or 0.1% doesn’t have the psychological makeup to do it. 

  • Nunzio X

    Probably, but I say let them flee like the cowards they are, and don’t let the door hit them on their fat asses on the way out—-because I might still have my boot stuck in one of their assholes and I don’t want the door slamming on my leg.

  • Anonymous

    Only true up to a point.

    I’ve had many conversations with otherwise intelligent people who seem to have dove-in head-first into the “new economy” myth that asserts that the fundamental issue of control over physical resources which underly all economic analysis since the inception of the discipline, are now obsolete due to the “magic” of information technology that appears to make sweeping changes in market dynamics with the mere scratch of a pen.

    In the short term it’s true that manias and bubbles founded on no more than wishful thinking or strategically planted rumours can cause diasasterous declines in capital holdings.  Being the study of shared notions of value and reciprocal exchange, economics is fundamentally branch of psychology, even if the amount of quantification models periodically distracts us from the fact.

    But there IS a shared hierarchy of economic values, wrapped around a hard core of inescapable biological realities.  In the long-run it’s not tenable for them to flee to the blasted desert rocks where they do their banking.  Numbers gaming can take a country only so far.  Sooner or later it will suffer from thirst, irregular, nutritionally unbalanced diets and even the raw minerals and power generation needed to keep it’s kabbalistic computer trading models running. 

    Hence the panic experienced upon America’s downgrade.  The chimera manufacturers got to work quickly to stifle it, but that day the realisation hit the surface:  The United States, the nation with the largest, most robust and diverse pool of natural resources in the world may no longer be willing or able to underwrite fantasy financial markets.

    “Leaders”, if there be any who merit that description yet, will realize this and take action accordingly.

  • Just me

    After that, we need to make the dems. read, understand and do a report on the fact that raising taxes still could not be raised to a high enough level to cover their outrageous spending, go ahead and raise taxes on the rich, but spending still needs to be drastically reduced, things like the outrageous “we have to pass this so we can find out what is in it” healthcare bill,  the stimulus that did nothing but increase the debt need to be stopped, ridiculous programs like cash for clunkers, bailouts for banks, automakers and homeowners who irresponsibly got homes way out of their affordability range, subsidies to farmers to not grow certain crops could be stopped. etc. etc. etc.

  • StillAtMyMoms

    As Carlin said, the real leaders of this country will accommodate the general public to avoid civil unrest and rebellion–as long as it supports their self interests.  So it’s not really about a billionaire with a heart, but more along the lines of putting people back in their place to prevent and mitigate potential rioting due to the frustration of a dismal economy.  The article should be retitled, “Always ahead of the game.”  Warren Buffet is a ahead of the curve with this sentiment; it’s brilliant PR on his part to perpetuate the rampant pillaging by the one percenters.  Plus not to mention the dollar isn’t going to be worth shit anyway in a couple of years.

    Eat it up, America.  How arrogant of him to say he pays less taxes.  Instead why don’t Buffet just donate a vast majority of his assets to stimulate the economy?  It’s not like he is the biggest tightwad in the world.

  • StillAtMyMoms

    As Carlin said, the real leaders of this country will accommodate the general public to avoid civil unrest and rebellion–as long as it supports their self interests.  So it’s not really about a billionaire with a heart, but more along the lines of putting people back in their place to prevent and mitigate potential rioting due to the frustration of a dismal economy.  The article should be retitled, “Always ahead of the game.”  Warren Buffet is a ahead of the curve with this sentiment; it’s brilliant PR on his part to perpetuate the rampant pillaging by the one percenters.  Plus not to mention the dollar isn’t going to be worth shit anyway in a couple of years.

    Eat it up, America.  How arrogant of him to say he pays less taxes.  Instead why don’t Buffet just donate a vast majority of his assets to stimulate the economy?  It’s not like he is the biggest tightwad in the world.

    • MadHierophant

      “History is just like an Endless Waltz. The first three beats of war, peace, and revolution will continue on forever.”

      - Mariemaia Kushrenada, Gundam Wing: Endless Waltz

      Warren and his ilk want to keep doing the two-step of war and “peace”. He’s telling his peers to change the song before the rest of us request something we can all dance to.

      • Jin The Ninja

        i am still waiting for the peace overture….

        (any anime reference makes my heart skip a beat:P)

        • MadHierophant

          I just liked that one quote. The main series was okay, but Endless Waltz just seemed like it was made to sell new model kits. XD

          • Jin The Ninja

            and it probably was. i am not a gundam fan either (evangelion!!), but i appreciate any otaku sentiment.

      • DeepCough

        I cannot take anyone–ANYONE–who quotes Gundam Wing seriously.

        • MadHierophant

          Good thing my world doesn’t hinge upon your opinion.

    • John Grunwell

      Why doesn’t Warren Buffett just donate a vast majority of his assets?  Seriously?  Why should he?  He’s not suggesting rich folks DONATE MONEY, you fool.  He’s suggested that they be lawfully compelled to do so through the constitutionally mandated right of the Federal government to levy income taxes.  Suggesting that he simply donate his money to the government because he’s critical of our failed taxing system is really childish and idiotic.  His money is better spent elsewhere… 

      Further, and I’m assuming that you’re not completely ignorant of the world in general, but just of this fact: Warren Buffet has essentially given away almost his entire fortune to the cause of philanthropy, by way of a gift to the Bill & Melinda Gates Foundation, a non-profit philanthropy focused on global health issues, which gives out billions of dollars a year.  So, if you’re ignorant of that idea, please keep that in mind when you call Warren Buffett “arrogant,” and if you ARE aware of that idea and choose to pretend like it’s not true and that he’s a greedy, arrogant bastard, then you can just crawl into a muddy hole in a dump outside Rio and consume the fetid feces you’ll no doubt find down there.    

      • TG666

        He actually IS an arrogant greedy bastard. Where was he talking about this 30 years ago? The same laws were in place back then & you were actually able to hide vast funds in offshore banks with tax shelters and dummy accounts. These days those have been declared illegal and they happen less because the islands are afraid of losing US aid.

        There is nothing in the IRS laws that states that he can not give more money in taxes than he has to.

        Where is his money better spent, in the bank accounts he has been hiding it for decades? Buffett is a phoney & has profited from those same laws for many years.

    • Nuggett

      Well, I wouldn’t call it “brilliant” as I think the word is more deserving of other contexts.  But yeah, on the money.  

      Anyone that is worth over a billion dollars and willing to talk about it in public is not our friend.  Buffett, just like every other billionaire on earth, has psychological issues and is irrational when it comes to risk.  No one should praise a man with a severe mental disease.  We should pity him.

      • Godozo

        At least the guy’s willing to say he says. And as long as he’s not been actively destroying the underpinnings of the economy (which, as far as I can tell, is true about Buffet), I’ll give the guy a pass.

        Now as for the Koch brothers…

        • Nuggett

          I can understand that.  Not the worst for sure.  

  • Dueyv9

    Coming from a guy who has a big role in it.

  • http://www.theamericanbookofthedead.com Henry

    Somehow you say all that without mentioning Bush’s wars.

  • Dueyv9

    Coming from a guy who has a big role in it.

  • JustYou

    Should we cut military spending, as well?

  • Rex Vestri

    Maybe you don’t realize it, or don’t want to acknowledge it, but the entire reason we’re in this mess is the fact that George W Shrub did two HUGE things: He cut taxes and then BORROWED the money to pay for the it from other countries, and he started TWO illegal and protracted wars and funded them through the use of special supplemental budgets which therefore did not have to undergo the scrutiny of Congress.  THAT is the true reason we’re in this huge mess – Bush’s borrowing, which we will be paying interest on for a long long time, and both of the illegal, imperialistic wars we’re fighting.

  • Ladymagdalene7

    I hate to tell you this pal but Bush started the bailouts and the stimulus packages.  As for homeowners who bought “irresponsibly” you can flat out blame shady lenders and sellers of dreams.  Stop watching Fox, it is making your brain mushy.

  • Rex Vestri

    Of course “Just me” didn’t mention Bush’s wars. It’s obvious from what he wrote that he is a FOX-News-programmed Republitard.  Anyone who sits around watching FOX News Channel is going to be ignorant of reality because they’ve been lied to all day by their TV programming.

  • Rex Vestri

    Of course “Just me” didn’t mention Bush’s wars Henry. It’s obvious from what he wrote that he is a FOX-News-programmed Republitard.  Anyone who sits around watching FOX News Channel is going to be ignorant of reality because they’ve been lied to all day by their TV programming.

  • Anonymous

    Ummm did that just happen, did he really right that? Unbelievable candor and kudos if he did:) Probably won’t mean anything though, as congress has clearly lost all credibility, spawns of Satan indeed 

  • hawaiiguy

    Ummm did that just happen, did he really right that? Unbelievable candor and kudos if he did:) Probably won’t mean anything though, as congress has clearly lost all credibility, spawns of Satan indeed 

  • Wanooski

    Of course not. It’s not like they have completely lost track of trillions of dollars since the 90s or anything. 

  • Harley Qyn

    I would personally “thank” Mr. Warren Buffet, if I could.  It is so rare that someone actually admits to the disparity when they are on the recieving end of benefits.  Unfortunately, what could be done effectually to address this?  I don’t know if there can be any slowing of the lost middle class as the distance between rich and poor continues to grow.

    • tooCents

      Warren Buffet deserves no praise. He simply isn’t totally 100% crazy and evil is all. Now if he funded a progressive 3rd party and progressive causes across the board with that money of his then his words would mean something.

  • Harley Qyn

    I would personally “thank” Mr. Warren Buffet, if I could.  It is so rare that someone actually admits to the disparity when they are on the recieving end of benefits.  Unfortunately, what could be done effectually to address this?  I don’t know if there can be any slowing of the lost middle class as the distance between rich and poor continues to grow.

  • Anonymous

    “History is an Endless Waltz. The three beats of war, peace, and revolution will continue on forever.”

    - Mariemaia Kushrenada, Gundam Wing: Endless Waltz
    Warren and his ilk want to keep doing the two-step of war and “peace”. He’s telling his peers to change the song before the rest of us request something we can all dance to. 

  • Anonymous

    You need to set your disqus account so a ninja can follow you.

  • Anonymous

    i am still waiting for the peace overture….

    (any anime reference makes my heart skip a beat:P)

  • Wanooski

    Ninjas following me is the basis of at least three of my screenplays…

  • Just me

    I hate to tell you this pallina but the stimulus that passed while Bush was in office had to pass through the Democrat controlled house and senate before he could sign it, so simply put, the Dems. wanted that stimulus as well. As for those who bought outside of their means, blaming “shady lenders and sellers of dreams” is stupid, the blame lies squarely on those who took out these outrageous loans in the first place, no one put a gun to their head and forced them to sign the purchase agreement. Sadly now it is the taxpayer that is left holding the bag.

  • Anonymous

    Warren Buffet deserves no praise. He simply isn’t totally 100% crazy and evil is all. Now if he funded a progressive 3rd party and progressive causes across the board with that money of his then his words would mean something.

  • Just me

    Bush’s wars,aren’t a good thing either but guess what? They are O’s wars now and so far I haven’t seen much action on his part other than a whole lot of golfing.

  • emperorreagan

    I don’t think they would flee for two reasons:

    1. Even if you raise the personal taxes on these folks, they’re still going to be making out better than they would in most countries with similar levels of development.  They would, by and large, have to flee to countries with lesser development.  Corporate capital is easier to move around than personal capital; if you’re trying to dodge the tax-man with personal earnings, you would have to change citizenship, not just have a fake office address in some far-flung location (or you could stick with trying to hide it like some people do now and not make any changes, hoping that even though the laws change the funds for enforcement at the IRS do not).  

    2. Leaving your native culture is a big deal.  It takes a certain amount of bravery to uproot yourself and cast off everything familiar.  They would certainly be in a better position to try to buy some familiarity than most, but I would be willing to bet that the vast majority of that top 1%, or 0.1% doesn’t have the psychological makeup to do it. 

  • DeepCough

    I cannot take anyone–ANYONE–who quotes Gundam Wing seriously.

  • Anonymous

    Good thing my world doesn’t hinge on your opinion. 

  • Anonymous

    I just liked that one quote. The main series was okay, but Endless Waltz just seemed like it was made to sell new model kits. XD

  • Adam

    Considering the feds spend about 680 billion dollars a year on defense (give or take a few milli), a few trillion over the course of twenty years is just not a big deal to these fuckers, which is the real problem.  The rich and powerful of the govt/corporate/military-industrial oligarchy are so profoundly disconnected from the vast majority of people that they simply cannot understand the level of anger most of us have about how our money and our work is being exploited and wasted by those in power.  Ever listen to the Rockefellers or Morgans or DuPonts wax poetic about the beauties of laissez-faire capitalism?  Of course not, because what they would say and how they would act would horrify the “average” working person; just think of Tony Heyward and his “I want my life back” sob-story bullshit after the BP oil spill.  Buffet just has a conscience is all.

  • Anonymous

    and it probably was. i am not a gundam fan either (evangelion!!), but i appreciate any otaku sentiment.

  • John Grunwell

    Why doesn’t Warren Buffett just donate a vast majority of his assets?  Seriously?  Why should he?  He’s not suggesting rich folks DONATE MONEY, you fool.  He’s suggested that they be lawfully compelled to do so through the constitutionally mandated right of the Federal government to levy income taxes.  Suggesting that he simply donate his money to the government because he’s critical of our failed taxing system is really childish and idiotic.  His money is better spent elsewhere… 

    Further, and I’m assuming that you’re not completely ignorant of the world in general, but just of this fact: Warren Buffet has essentially given away almost his entire fortune to the cause of philanthropy, by way of a gift to the Bill & Melinda Gates Foundation, a non-profit philanthropy focused on global health issues, which gives out billions of dollars a year.  So, if you’re ignorant of that idea, please keep that in mind when you call Warren Buffett “arrogant,” and if you ARE aware of that idea and choose to pretend like it’s not true and that he’s a greedy, arrogant bastard, then you can just crawl into a muddy hole in a dump outside Rio and consume the fetid feces you’ll no doubt find down there.    

  • Nuggett

    Well, I wouldn’t call it “brilliant” as I think the word is more deserving of other contexts.  But yeah, on the money.  

    Anyone that is worth over a billion dollars and willing to talk about it in public is not our friend.  Buffett, just like every other billionaire on earth, has psychological issues and is irrational when it comes to risk.  No one should praise a man with a severe mental disease.  We should pity him.

  • Nuggett

    “Sadly now it is the taxpayer that is left holding the bag.”
    Oh my fucking shit.  Cry me a river.  Let me guess…you drive a 2010 Chevrolet Tahoe?  

    Next time by a Geo, bitch, so you can pay more taxes.

  • http://voxmagi-necessarywords.blogspot.com/ VoxMagi

    Time to rehash the familiar: taxes don’t reduce investment…they increase it. Its only counter intuitive in a world where the spin is the opposite of the truth every day for 40 years…despite the results showing us the truth.

    Highest taxes on the wealthy and corporations…led to 40 years of incredible growth and prosperity, endowments for colleges, charities, infrastructure including arts endowments and science grants…etc etc etc. Increases in wages, benefits and retirement pay. Led to economic growth of a world superpower like none ever seen before. Why would high taxes do all this? Because the corps and upper crust weren’t going to see that money either way…so it made sense to invest in other ways rather than just see it taxed and gone. Loopholes made money flow where it did good for all…

    Fast forward to the last 40 years…

    We slashed taxes to their lowest levels in near a century…wages crashed, job growth died, benefits withered, investment only exists in pure capital markets…not in businesses that hire and grow. Hoarding of capital is the rule of the day, offshoring of accounts is commonplace, the buying power of millions has diminished…basically everything we were promised would be improved…has collapsed and crashed.

    There is no encouragement to invest in a country when you can just take the money and run without penalties of any kind. No reason to expand, no reason to donate, no reason to to do anything other than pack the pallets of cash off to Switzerland and call it a day. Neo-liberalism has never worked, anywhere, ever…except to produce the effects we have seen, rather than the ones that were promised.

    The debate is over: taxing the wealthy always worked, worked miracles, made strong nations stronger and solid markets more vibrant. It just remains to break the backs of our political elite and drive them out…replacing them with people who understand these basic economic principles, so we can do whats actually best for America instead of whats best for a few hundred guys on Wall St exec boards. End of Story.

  • http://voxmagi-necessarywords.blogspot.com/ VoxMagi

    Time to rehash the familiar: taxes don’t reduce investment…they increase it. Its only counter intuitive in a world where the spin is the opposite of the truth every day for 40 years…despite the results showing us the truth.

    Highest taxes on the wealthy and corporations…led to 40 years of incredible growth and prosperity, endowments for colleges, charities, infrastructure including arts endowments and science grants…etc etc etc. Increases in wages, benefits and retirement pay. Led to economic growth of a world superpower like none ever seen before. Why would high taxes do all this? Because the corps and upper crust weren’t going to see that money either way…so it made sense to invest in other ways rather than just see it taxed and gone. Loopholes made money flow where it did good for all…

    Fast forward to the last 40 years…

    We slashed taxes to their lowest levels in near a century…wages crashed, job growth died, benefits withered, investment only exists in pure capital markets…not in businesses that hire and grow. Hoarding of capital is the rule of the day, offshoring of accounts is commonplace, the buying power of millions has diminished…basically everything we were promised would be improved…has collapsed and crashed.

    There is no encouragement to invest in a country when you can just take the money and run without penalties of any kind. No reason to expand, no reason to donate, no reason to to do anything other than pack the pallets of cash off to Switzerland and call it a day. Neo-liberalism has never worked, anywhere, ever…except to produce the effects we have seen, rather than the ones that were promised.

    The debate is over: taxing the wealthy always worked, worked miracles, made strong nations stronger and solid markets more vibrant. It just remains to break the backs of our political elite and drive them out…replacing them with people who understand these basic economic principles, so we can do whats actually best for America instead of whats best for a few hundred guys on Wall St exec boards. End of Story.

  • Godozo

    At least the guy’s willing to say he says. And as long as he’s not been actively destroying the underpinnings of the economy (which, as far as I can tell, is true about Buffet), I’ll give the guy a pass.

    Now as for the Koch brothers…

  • Just me

    Nugget, you sound like the kind of deadbeat that supports Obama’s “spread the wealth” mentality, probably sitting at home smoking crack on the taxpayer’s dime.

  • http://pulse.yahoo.com/_MOXBYE3QE2QFIG2QMWWWEZ6LWA zon moy

    Yes, we should cut the military until the only role it can fulfil is to guard our nations borders and nothing more.

  • Nuggett

    Worked my way to upper middle class without any help and still under 30 years old?  Yeah, you pegged me there….

  • Pingback: Should There Be A Tax On Wealth? | Disinformation

  • Wanooski

    Obama doesn’t have a spread the wealth mentality. The idea that he does is fiction, it was campaign rhetoric only.

  • Wanooski

    Yeah, just like you would expect from a dirty capitalist. You talk about how he is so socialist and wants to spread wealth around and that makes him evil and suspect, and then you describe how he is a hypocrite and just like the people you love so much. Does it hurt not knowing whether your coming or going?

  • Nuggett

    I can understand that.  Not the worst for sure.  

  • Just me

    Hey, I’m not denying that Bush made mistakes, he did some stupid things, both sides do, the thing is Bush isn’t in office anymore and it’s time to stop playing the blame game because sitting around blaming isn’t going to get things fixed.

  • TG666

    Buffett, there are no laws against the super rich giving much more than they owe. If you feel bad about it, sign a damned check.

    Don’t believe a damn thing this man says because it took him this long to come out about this & he’s been incredibly rich for 50 years. He also made sure that the Gates Foundation gets a lot of his money when he dies. I don’t see him signing that money over to the poor in this country or signing his wealth over to the state. His actions show that he just isn’t concerned about the rest of us. He doesn’t deserve applause or raves, he’s just another wealthy scumbag pretending that he cares for the poor and middle class.

  • Anonymous

    Buffett, there are no laws against the super rich giving much more than they owe. If you feel bad about it, sign a damned check.

    Don’t believe a damn thing this man says because it took him this long to come out about this & he’s been incredibly rich for 50 years. He also made sure that the Gates Foundation gets a lot of his money when he dies. I don’t see him signing that money over to the poor in this country or signing his wealth over to the state. His actions show that he just isn’t concerned about the rest of us. He doesn’t deserve applause or raves, he’s just another wealthy scumbag pretending that he cares for the poor and middle class.

  • Anonymous

    He actually IS an arrogant greedy bastard. Where was he talking about this 30 years ago? The same laws were in place back then & you were actually able to hide vast funds in offshore banks with tax shelters and dummy accounts. These days those have been declared illegal and they happen less because the islands are afraid of losing US aid.

    There is nothing in the IRS laws that states that he can not give more money in taxes than he has to.

    Where is his money better spent, in the bank accounts he has been hiding it for decades? Buffett is a phoney & has profited from those same laws for many years.

  • Ladymagdalene7

    Are you kidding me right now??  It was Bush’s idea and economists were screaming that we would sink if it wasn’t put into place.  And yes, seller’s of dreams took advantage of those who were not educated and savvy and practiced predatory lending.  Do some research will you.

  • Just me

    No kidding, I’m going to repeat myself but I doubt you’ll get it the 2nd time around: The Dem. controlled senate and congress had to pass the first stimulus bill before Bush could sign it, so the Dem’s. still share in the blame, same Dems. that passed the 2nd. failed stimulus that Obama signed…… As for seller’s of dreams taking advantage of those who were not educated and savvy and practiced in predatory lending, These fools still signed on the dotted line of their own free will, we do not need to coddle these people, we do not owe these people a living or any kind of handout simply because they bit off off more than they could handle. You go do the research!

  • Just me

    No kidding, I’m going to repeat myself but I doubt you’ll get it the 2nd time around: The Dem. controlled senate and congress had to pass the first stimulus bill before Bush could sign it, so the Dem’s. still share in the blame, same Dems. that passed the 2nd. failed stimulus that Obama signed…… As for seller’s of dreams taking advantage of those who were not educated and savvy and practiced in predatory lending, These fools still signed on the dotted line of their own free will, we do not need to coddle these people, we do not owe these people a living or any kind of handout simply because they bit off off more than they could handle. You go do the research!

  • Just me

    No kidding, I’m going to repeat myself but I doubt you’ll get it the 2nd time around: The Dem. controlled senate and congress had to pass the first stimulus bill before Bush could sign it, so the Dem’s. still share in the blame, same Dems. that passed the 2nd. failed stimulus that Obama signed…… As for seller’s of dreams taking advantage of those who were not educated and savvy and practiced in predatory lending, These fools still signed on the dotted line of their own free will, we do not need to coddle these people, we do not owe these people a living or any kind of handout simply because they bit off off more than they could handle. You go do the research!

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