a blog about cents, in every form & measure

Monday, November 22, 2010

when being in "good shape" doesn't refer to treadmill time-

So here's an idea: what if the rich - you know, those people we love to hate and constantly bemoan when discussing tax rates - actually admitted they shold be paying more to Uncle Sam? Are there those among them who can attest to the rich being in pretty good shape right now with our current tax code?
That's exactly what Warren Buffet, Chairman and CEO of Berkshire Hathaway (and one of America's richest men) suggested in an interview with ABC News' Christiane Amanpour to be aired during Thanksgiving weekend. What a novel idea! Said Buffet, "I think that people at the high end -- people like myself -- should be paying a lot more in taxes. We have it better than we've ever had it."

videoThis Sunday's episode of "This Week" will be focused on The Giving Pledge, which is a major philanthropic effort spearheaded by Buffet, and Bill and Melinda Gates.

Buffet stated that tax rates for the lower and middle-bracket classes should be cut, but that taxes for the wealthy should be increased. Upon Amanpour's prompt that popular thinking dictates that tax cuts for the wealthy energizes business & capitalism, Buffet explained the following:

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

So what do you think? Should we keep the status quo (because oh yeah, that seems to be working)? What about tax increases for the rich and upper classes? What about minizing rates between classes, or eliminating taxes for those in lower income brackets altogether? Do you think that Buffet is implying that he supports the tax proposals that were recently submitted to Congress? And here's a novel thought - if Buffet so clearly thinks that he's being undertaxed, why doesn't he voluntarily donate to the IRS? Hmm....

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