Few have the guts to speak the truth

iVillage Member
Registered: 10-25-2006
Few have the guts to speak the truth
71
Mon, 08-15-2011 - 10:40am

Here's one who does:

Stop coddling the super-rich: Buffett
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9:05am EDT

BANGALORE (Reuters) - Billionaire Warren Buffett urged U.S. lawmakers to raise taxes on the country's super-rich to help cut the budget deficit, saying such a move will not hurt investments.

"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 80-year-old "Oracle of Omaha" wrote in an opinion article in The New York Times.

Buffett, one of the world's richest men and chairman of conglomerate Berkshire Hathaway Inc , said his federal tax bill last year 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," he said.

Lawmakers engaged in a partisan battle over spending and taxes for more than three months before agreeing on August 2 to raise the $14.3 trillion U.S. debt ceiling, avoiding a U.S. default.

"Americans are rapidly losing faith in the ability of Congress to deal with our country's fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness," Buffett said.

Buffett said higher taxes for the rich will not discourage investment.

"I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain," he said

"People invest to make money, and potential taxes have never scared them off."

(Reporting by Santosh Nadgir; Editing by David Holmes)



http://www.reuters.com/article/2011/08/15/us-buffett-tax-idUSTRE77E13V20110815

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iVillage Member
Registered: 11-27-2009
Fri, 08-19-2011 - 9:41pm
It's hard to say without being able to see a complete plan. Removing tax loopholes would also affect the middle class.
iVillage Member
Registered: 11-27-2009
Fri, 08-19-2011 - 9:42pm
I should have read ahead, you already know that the middle class could be hurt if eliminating tax deductions wasn't done properly and with much forethought.
iVillage Member
Registered: 03-02-2009
Sat, 08-20-2011 - 12:07am
palak wrote:

All Businessmen would take advantage of loopholes. By closing the loopholes, Congress can

"Resist, we much. We must, and we much. About that, be committed."

iVillage Member
Registered: 03-02-2009
Sat, 08-20-2011 - 12:27am
obamageddon_2012 wrote:

Why would "wealth equality" be a good thing?

I love these little terms that the left comes up with to describe, and make it sound like it's something that anyone should give sh*t about, that really has no place in any rational argument.

Wealth equality??? WTF? I couldn't care less about such idiocy, and I hope to never hear a candidate waste their time with it.

"Resist, we much. We must, and we much. About that, be committed."

iVillage Member
Registered: 10-25-2006
Sat, 08-20-2011 - 7:59am

If you want anarchy, wealth equality is not a good thing.

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Community Leader
Registered: 01-25-2010
Sat, 08-20-2011 - 1:29pm

dragowoman

iVillage Member
Registered: 06-08-2011
Mon, 08-22-2011 - 11:56am

iVillage Member
Registered: 08-12-2011
Mon, 08-22-2011 - 3:28pm

If you want anarchy, wealth equality is not a good thing.

If you want mediocrity and a stagnant, socialist society then wealth equality is a good thing.

iVillage Member
Registered: 07-09-2011
Wed, 08-24-2011 - 9:28pm

as with anything else, when wealth becomes too imbalanced, economic health becomes endangered.

iVillage Member
Registered: 07-09-2011
Wed, 08-24-2011 - 9:32pm

Wealth equality is a good measure of long-term economic health so long as the research and numbers haven't been biased.

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