Buffett. The new populist?

I haven’t heard his views on other policies.

But, I tend to agree the Rich need to be taxed at a higher rate in order to help re-establish some economic balance.

It also might be interesting to consider tax systems where corporations are taxed even less. Shocking, eh? But, less taxes in the pocket of a piece of paper might encourage more domestic commercial activity and could be good for a Dem president.

Consider a personal revenue tax rate of about 30% and a personal deduction of about $15,000 (perhaps less for a child) and 0% tax on corporations.

Would that work? Adjust the numbers a bit to ensure the federal government got enough. But would it work?

The progressivism is in having a personal deduction which the Rich would hardly notice, but which would be great for middle-class & below. The higher tax rate for the Rich would help re-balance our financial society.

I guess the question is whether Warren Buffett and other like-minded gazillionaires are taking any action. Have they pestered Harry Reid about his postponing action on the hedge-fund managers’ pay being taxed as interest? Have they testified at a Ways & Means Committee hearing? Have they made an effort to make the unfairness of our tax system an issue in the presidential campaign?

These are people with almost limitless resources, name recognition, and access to the media megaphone. If truly moved, they could make something happen. Let’s roll, Warren.

Good point (as usual), TSF.

A little OT driveby here:

I’d like a show of hands…anyone think W has actually read “To Kill a Mockingbird?”

He probably had someone buy the cliff notes and he put those on a shelf in case he really really really got bored.

That’s as close as he’s gotten.

Sigh. Oh….NOT at this article, which is very, very good of Ms. Hamsher to bring to the forefront.

I sigh because, ONCE AGAIN, this represents a GOLDEN OPPORTUNITY for my beloved Democrats to take the initiative, go on the offensive, and pin those greedy bastard R teamers TO THE WALL!

Where’s Nancy & Harry????? The interview highlighted by Ms. Hamsher should make for a Press Conference, a call-to-arms by our leadership. NO-ONE, with even half a brain, can dispute the financial opinions of Buffett.

This could be made into a HUGE attack on R team policy….the “branches” running out from this could be endless…and ALL to the benefit of the D team. But, what do you hear? Crickets?

Have my D team leaders forgotten the adage “seize the moment”? Have they forgotten how to ATTACK?????

Oh….nevermind.

Ghostman

Hell yeah,Ghostman!!! The status quo that is needs to unravel. Get all these rich, well-connected asses out of DC………..ABOLISH K-STREET, AND GET THE POWER BACK IN THE HANDS OF THE TAXPAYERS……………POWER TO THE PEACEFUL, BUT LET’S GET SOME CHANGES MADE, PRONTO.

Buffett is really an amazing guy. Early on he was an adviser to Schwarzenegger and talked about how unfair California’s Proposition 13 [a state property tax proposal that benefits those who remain in their homes over folks who have to move, buy a new place] is.

He talked about how he owns a place in La Jolla CA that he bought many years ago. He pays less in property tax on it [the LaJolla property is now worth millions] than he does on his modest home in Omaha NE. [The basis on which the tax on the La Jolla property is based is Buffett’s original, many-years-ago purchase price, not its current, greatly increased value.

He was railing about how unfair this was, but Arnold quickly distanced himself from this POV.

Buffett is one of the few rich guys around who really values and sympathizes with members of the middle class.

What’s next, we’ll hand him plaques and medals for being a gazillionare philantropist? Hell, I could be a compassionate gazillionare too. The point, is he would never give the shirt off his back if his life depended on it.

Oklahoma kiddo @ 45

The wealthy should now pay more taxes? Well now. That is a fine idea. Make it retrocative. 60% of stocks are now owned by the richest 1%.

Retroactivity is so not happening. Small matter of the Due Process Clause and a Supreme Court case called Carlton.

Well… perhaps Mr. Buffett could just have one of his accountants estimate the retro part, and he could, without a tax write off, donate it to charity.