Warren Buffet – Tax Cuts
A couple of weeks ago, Warren Buffet wrote an article in the New York Times that struck a cord. He begins:
“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.”
Warren Buffet - very honest account.
The disparity of how much we all pay in taxes is incredibly annoying. Again, Warren Buffet:
“Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.”
I agree with the Republicans. I don’t want to pay more taxes but i do want everyone to pay the same percentage. I fail to understand how so many people who define themselves as patriotic cannot see that they are hurting their country. The pride that people take, the money they throw at accountants to help them find every loophole, disgusts me.
The problem is that those who legislate for us tend to be a part of this higher income group, or rely on their donations to keep them in power, since it is money not actions that fuel this democracy. Warren Buffet acknowledges as much when he says: “My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.”
The Majority Want Equal Responsibility
Who among the rich and the politicians would support paying the same percentage of taxes that I do? Probably only those who believe in their country and are patriotic. Sadly. wearing a flag pin on your jacket lapel is not enough.