I know mentioning Warren Buffet's name conjurs up images of Pres. Obama having atleast one billionaire in his hip pocket, but the way I see it if this billionaire who happens to be the 3rd richest man in the world says, "tax me" and understands full well that the rich have been getting richer for atleast the last 10 years, I think the American people will eventually begin to take heed.
But for me, it's not about taxing the rich just because. It's about taxing with a specific purpose and understanding (even in the smallest degree) the economic situation of the day and realizing that cutting spending won't reduce the deficit in and of itself. Taxes will have to be increased at some point - either that or many of the tax breaks many of us have come to enjoy - from the riches to the lowest ruins of the middle-class tax bracket - will likely have to go away. You can't keep giving tax credits without running a risk of reducing revenues because tax credits reduce your taxable income level. So, at some point something's got to give.
Since the rich have the economic means to take advantage of many of these credits already on top of taking advantage of several pre-tax deductions, i.e., IRAs, 401K, mutual funds, etc., it just makes sense to tax them while the country is trying to get its economic house in order.
For me, it's not about taking money from the rich. It's about getting this country back on sound, economic footing. To that, I agree with both Mr. Buffet and the President. Nine-five to ninety-nine percent of Americans can use a tax break. That 1-5% have had more than their fair opportunity to do more for themselves and this country by way of the cumulative years of tax breaks they've had to do what Republicans/Conservatives have been saying tax cuts to the wealthy do - create jobs and stimulate growth. I'm still waiting for the prove that either happened using the Bush tax cuts. Convince me that the recession was a fluke and that the economy was, in fact, on an upward tick and that more jobs were created between 2001-2008 than at any other period in this nation's history and I'll jump on this Bush tax cuts bandwagon so fast you'll want to bring back the wagon trains!
Warren Buffet's
commentary on taxes in 2007:
Warren Buffet's
commetary on taxes just this week (Nov 22, 2010):
Now, granted, this is the opinion of just one American billionaire, but you have to really consider the significance of what he has to say about the wealthiest Americans and taxes. After all, who else would know about the loopsidedness of it than a wealthy individual who has paid into the system for as long as he has and have been blessed for having the ability to take advantage of them? Yet, it turns out he's not alone in his thinking...
Patriotic Millionaires unite!!! (Okay, I was being sarcastic with the "unite" part, but what follows is serious...)