If Warren Buffett Says “Tax The Rich,” Why The Hell Aren’t We Doing It?
When you think of the ultimate in American wealth, there is one name that’s stood out for decades. In fact, President Obama flirted with the idea of having him in the role of Secretary of the Treasury. If there’s one man who knows about the economy in this country, it’s Warren Buffett.
Despite the many obvious signs this country needs to begin raising taxes on the rich, more strictly enforcing laws that are already on the books, and increasing penalties on those who try to cheat the system, no one seems willing to budge. The main reason Congressmen (mainly right-wingers) refuse to hear of raising taxes is because they believe corporations—which, as Mitt Romney points out, are people too—will end up cutting jobs in order to foot their increased tax bills. If corporations all over the nation do this, it could result in the collapse of the job market. Of course, to the credit of the political right, this seems like a perfectly logical argument, and one that most of the country is willing to buy. Honestly, it’s what the Tea Party—which has taken the nation by storm and long bolstered its position as a political force—is all about.
Buffett, however, doesn’t want to hear it. In an op-ed that ran in the New York Times Monday, he wrote the following.
“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.”
He almost sounds like he’s been in a barbershop around my neighborhood. President Obama is also picking up on the billionaire’s words as he is on the stump to get re-elected for another term. Buffett points out his tax bill totaled just under $7,000,000 last year. While this is certainly a lot of money, it is only 17.4% of his taxable income when most of the middle class pays around 25%. How much money is our debt-ridden country losing out on a year simply because of loopholes created to allow tax breaks on the wealthiest?
Later, he points out that between 1980 and 2000, 40 million jobs were created. Tax rates for the rich then were higher than they are now.
Is it fair for those with the most to pay lower percentages than those who bring in less money? If we think not, it’ll take our unified voices to tell those responsible.
Source: CNN Money