Skip to main content

View Diary: Warren Buffett calls for A Minimum Tax for the Wealthy (107 comments)

Comment Preferences

  •  I attended Berkshire Hathaway shareholder meeting (8+ / 0-)

    in May of this year (one only needs one share of class B , which cost less than $100 to attend) and was quite impressed with how Warren Buffett consistently reminded people of his support for a tax system that's more fair to him and his secretary.

    Back in May of this year, the support for Obama was deteriorating (high unemployment) and Mitt was gaining momentum, especially among "business savvy" folks. The corporate media was trying to position Mitt as the guy with the know-how to fix the economy.
    Buffet was one of the few high profile successful investors, who were willing to openly stand by the President and the Democrats. Especially on the piece of legislation that had his name attached to it: The Buffett Rule.

    The right wing media and the Corporate Media (CNBC, CNN) sent their usual folks to Omaha to trap Buffet in his support for the President. They kept asking him why he doesn't voluntarily pay more taxes, if he thought he should be taxed more. They kept throwing right wing talking points about the President's "socialist agenda" and "anti-business" practices. Misguided shareholders kept asking these stupid questions that grew out of right wing talking points about increasing shareholder values, double taxation on capital gains.. etc

    Buffett did a fantastic Job explaining to people why he should be taxed more than his secretary. He debunked all the right winger myths about Obama hurting the economy and explained how higher taxes on wealthy people will help (not hurt) the economy.

    Warren Buffet is not perfect, but he is one of the business man that I really respect. Buffett's business partner and fellow billionaire Charles Munger is a Republican.

    •  Over the weekend, I heard on NPR (3+ / 0-)
      Recommended by:
      Alice Olson, elwior, Words In Action

      that there is a fund at the Treasury that receives donations from people who want to pay down the deficit so much they are willing to write a check to Uncle Sam! This fund has received over $7million this year! The guy they interviewed had sent $50 and was going to send another $50 if he could scrape it up.
      So, there really IS a way that the Rich could pay more in, voluntarily, if they wished.
      Personally, I think that's the wrong way around, but, oh well.
      My favorite economic policy statement of the just concluded campaign was Rmoney explaining that he'd lower rates but close loopholes and cut exemptions so that his deficit reduction plan would be revenue neutral (of course it was bullsh!t just like everything else that he and his wingman said). But the idea that you can fix a budget hole by installing a revenue neutral tax code change, really? Why make this change if it has no net effect?
      Answer: It shifts the tax burden even more solidly down to the wage earners (the actual Makers). It may be revenue neutral at the receiving end, but at the paying end, it moves the burden off of the Rich onto the MiddleClass.
      Buffet is to be commended for his position and his outspokenness, but there's a way that the rich, particularly big investors like Buffet, can make a huge positive influence not just here but worldwide: Police their investments.
      Buffet has holdings that have terrible business practices, environmental disasters, worker abuse, et cetera, And he cannot be held directly responsible, he didn't start the company, didn't set their policy...But he does have ultimate responsibility if he is an owner and making a profit from his ownership. If he and Bill Gates and all the other reasonable billionaires (as opposed to the Koch/Adelson/Coors types) took a hard look at what they own and how that effects to world, how it effects our economy and society, and took steps to fix the problems with their corporate policies, we'd be freed of the mess that the Bush Tax Cuts and Unfunded Wars have left us in, that the GOP seems intent to keep us in.
      Yeah, right, I'll hold my breath now, lets see if they mend their ways before I suffocate.

      If I ran this circus, things would be DIFFERENT!

      by CwV on Mon Nov 26, 2012 at 07:12:42 AM PST

      [ Parent ]

      •  the rule of law (2+ / 0-)
        Recommended by:
        Alice Olson, Words In Action

        the very policy that supports written constitutions, due process, social stability and the willingness for people to participate in peaceful self government.  Same rules,  and everyone plays by them.

        That is being corrupted, by the notion that some should have different rules.  Most of the corruption favors the rich and of course, they suggest if you don't want to be corrupt, instead of being fair at the societal level, a sensible tax system,  you should volunteer more money.   Both suggestions undercut a level playing field and the rule of law.   It's all part of the pernicious thinking of the rich slice of the right wing.  I give to charity, therefore I am good, even though charity is selective and does nothing to help the vast majority of people in their everyday lives.  It is evil for the government to take money to help everyone in the form of taxes.  The rich want control, they want power, they want self aggrandizement and ego stroking.  A fair tax system deprives them of all of those things.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site