Every couple months Warren Buffett says essentially the same thing, that there need to be higher taxes on the rich. This week it was a pretty solid op-ed in the NYTimes. There was a line I particularly liked:
Back in the 1980s and 1990s, tax rates for the rich were far higher, and my percentage rate was in the middle of the pack. According to a theory I sometimes hear, I should have thrown a fit and refused to invest because of the elevated tax rates on capital gains and dividends.
Much more interesting was the response to the article. Jon Stewart highlights some from Fox News
Barack Obama, endorsed the article as well. Which is interesting, and slightly infuriating because he actually extended the Bush tax cuts. It sort of annoys me when people call them Bush tax cuts, they are now Obama tax cuts. Although I’ve heard that actually had something to do with extending unemployment insurance for a few million people. Rumor?
To some extent I agree with Mr. Buffett but I think that this is the wrong focus. Spending on 3 wars and numerous military incursions are the major sources of discretionary spending. It seems strange to me to try to unfuck the problem of overspending on pointless military adventures by arguing bitterly over who to tax.
But anyway, that Buffett is a class act.