Monday, August 15, 2011

Straight from the horse’s mouth: Warren Buffet says “Stop coddling the Super-Rich”


Link:

I would love to see some of my conservative friends dispute this man’s credibility.  What’s that old adage again…straight from the horse’s mouth?

Now, he is not saying anything new to us liberals…but maybe some of our conservative friends should take notice of his words.

 Buffet opens his op-ed in the latest issue of The New York Times by pondering our leaders request for “shared sacrifice.”  Buffet notes that the last time he checked, they spared him and his ultra-wealthy buddies.

“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,” Buffet said.

The article relays how many investment managers earn billions from their daily labors but are allowed to classify their income as “carried interest,” giving them a 15 percent tax rate.  Buffet also states that others who have owned index futures for ten minutes have 60 percent of their gain taxed at 15 percent as if they had been long-term investors.

Buffet paid only 17.4 percent of his taxable income last year.  It was the lowest percentage paid by anyone in his office.  Their tax burdens ranged from 33 percent to 41 percent.

What percentage of your income did you pay last year?  I bet you were also hit with payroll taxes on top of that rate.

There is this myth floating around in con land…you may have heard of it…it floats in-and-out of the ears of the rich and ignorant…playing its soft melody…serenading all that will listen.  It goes by many names…trickle-down economics, Reganomics, supply-side economics…

But that is what it is…a myth.

Trickle-down economics has never worked, and it never will.  How the right convinced poor people to give the rich more money is beyond me…but they are masters in the art of rhetoric.

I challenge you to find one instance since Reaganomics was introduced where tax cuts created jobs. 

It didn’t create jobs for Reagan, nor did it create jobs for Bush I and II…and after Obama foolishly extended the Bush Tax Cuts another two years…it ain’t working for him either.

 “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,” Buffet said.  “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.”

Since then we have had lower tax rates and far lower job creation.

How much longer will liberals continue to let conservatives dictate legislation that is obviously fueled by bought politicians with corporate money?  Now liberals have to fight an even tougher uphill battle because of the Supreme Court selling out to Citizen’s United!

Buffet challenges the “super-congress” to prevent doubt from morphing into hopelessness.  He understands that revenues must be on the table…any sensible person would know that.

“I would leave rates for 99.7 percent of taxpayers unchanged and continue the current 2-percentage-point reduction in the employee contribution to the payroll tax. This cut helps the poor and the middle class, who need every break they can get,” Buffet said. “But for those making more than $1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.”

Buffet gets it.  He sees how revenues are at their lowest rates since the Eisenhower Administration, and he knows that this recession is not a coincidence of that statistic.

When are we going to get serious about strengthening the middle class?  History shows that America is at her best when the middle class is strong.

I know I use this graph a lot (thanks ThinkProgress), but how can you possibly ignore it?


Conservatives are constantly planning to get more cuts for their rich buddies so their pockets can continue to be lined with their favorite textile…dollar bills. 

The latest trends include restricting voting to severely hinder the base, cutting education to keep The People ignorant, and disbanding unions to inhibit campaign contributions and to keep wages low.

By the way, wage increases are at their lowest levels since the Great Depression despite record levels of productivity and record CEO salaries.

How can this be?

Super-rich Buffet has had his fill.

“My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.”

6 comments:

  1. Then tell Mr. Buffet and the rest of the "Super rich" to start cutting checks. It's really that simple.

    But they are such a small minority. You liberals think everyone with a job are "super rich".

    Buffet, nor any other "super rich" gets it. Like Hollywood movie stars, they don't live in the real world.

    Buffet is trying to speak for a class of people he really doesn't represent. All conservatives are not rich. Like all liberals are not poor.

    Good for Buffet. Again, he can write all the checks he wants. But chances are, he won't and is just mouthing off. Much like the members of the Democratic party. Wonder if John Kerry, richest man in congress, is going to back up Buffet and cut some checks?


    -AlwaysRight-

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  2. We don't believe that anyone with a job is "super-rich." Buffet is just trying to convey what a sham trickle-down economics is, and he wants conservatives in congress to stop acting like they won't have their pockets lined with their favorite special interest's dollars if they include revenues to the deficit reduction.

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  3. I'm still waiting for your next post.

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  4. Hate to burst your bubble, but the left not only has super rich members, but also tons of special interest groups as well.

    As for the next piece....It's coming. And hells coming with it!

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  5. I mean, it's not that I really disagree with what he's saying(although I'm against putting everything on the backs of any one group, while others sit on their ass and complain about what others haven't done)...But the confusion is when you try and label people that are "super rich" that really aren't. And again, the fact that Buffet is speaking on behalf of those that this doesn't apply too....or are you and the left just taking his words and applying it to the right wing in general?

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  6. I am well aware of the special interests groups on the left, and I do not advocate any legislation manipulated by money.

    I am taking his words, and I believe Buffet believes this as well, and applying it over an ideology...a way to reduce our deficits without placing the entire burden on the middle class.

    A strong middle class is a strong nation; this cannot be easily refuted.

    I just don't understand how people are still buying into supply side economics...

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