Monday, November 22, 2010

Warren Buffett again: raise my taxes

Warren Buffet has said this kind of thing before, but the timing is far more acute now:
I think that people at the high end - people like myself - should be paying a lot more more taxes. We have it better than we have ever had it.

The rich are always going to say 'just give us more money, we will go out and spend more, and it will all trickle down to the rest of you. But that has not worked in the last 10 years, and I hope that the American public is catching on."

(watch it only if you want to wade through 30 seconds of noisy advertising first, though)

And on trickle down, don't forget the old J.K. Galbraith quote:
“It is the 'horse and sparrow' theory of income distribution and its taxation. If you feed a horse enough oats, some will pass through to the road for the sparrows."
And on the big tax cut debate, read David Cay Johnston's latest, entitled Call Their Bluff, Mr. President. (hat tip: Tax Prof.)


Blogger Robin Smith said...

This is normal. He is right. We are being fooled by him.

Taxes on production are protection for taxes not levied on his most valuable assets. Location values and state granted rights to corporate monopoly power.

Taxes hardly affect them because they can avoid them so easily and have enormous staying power.

The small guys and real entrepreneurs are gradually swept away.

He knows we are all really stupid. He is right. We keep calling for our work to be taxed ever more highly. While his assets remain tax free.

9:23 am  
Anonymous Anonymous said...

Richs should go on a public demonstration to the Department of the Treasury premises and claim for a raising in their taxes, at least in European Union countries. I think they should organize that right now.
Prices of stocks, bonds and real estate slump these days because of the lack of confidence in government Budgets.
If wealthiest taxpayers strongly help the governments to recover, very soon their asset prices will rise again, so they will get your money back.
Please, do it now, do not wait to next year.

Spain, 24th. November 2010

( Spain is not Ireland, by the way ).

1:06 am  

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