Political Ruminations

Morning Quote: Warren Buffett

In an op-ed for the New York Times, billionaire investor Warren Buffett, called for a minimum tax on the very wealthy:

“Additionally, we need Congress, right now, to enact a minimum tax on high incomes. I would suggest 30 percent of taxable income between $1 million and $10 million, and 35 percent on amounts above that. A plain and simple rule like that will block the efforts of lobbyists, lawyers and contribution-hungry legislators to keep the ultrarich paying rates well below those incurred by people with income just a tiny fraction of ours. Only a minimum tax on very high incomes will prevent the stated tax rate from being eviscerated by these warriors for the wealthy.”

Quote of the Day: Warren Buffett

Warren Buffett tells  Congress to stop protecting the super-rich in an opinion piece on 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.”

While I admire Mr. Buffett for taking this stand, let’s be honest here……..Congress doesn’t do this out of any sense of  benevolence. They do it because they’re paid to do it by the very super-rich citizens (a vast majority of which are registered Republicans)  Buffett speaks of. Paid, whether it be via campaign cash, endorsements, or cash under the damn table. Paid.