Monday, November 22, 2010

Toward Fairer Taxes

On November 28, billionaire Warren Buffett will tell the world on ABC television that rich people should pay more in taxes. “I think that people at the high end - people like me - should be paying a lot more in taxes. We have it better than we've ever had it.”

Buffett supports House Speaker Nancy Pelosi's plans to increase income taxes for those couples with $250,000 gross income - and so do I. And this may be the right time to endorse Pelosi for her effective and dignified leadership as Speaker of the U.S. House of Representatives. Capable and honorable, trapped in a situation of terrible unemployment, she can’t be held personally responsible for the political annihilation of the Democrats. Allowing the bankers to precipitate the crisis, was a national flaw.

President Obama’s deficit commission proposes raising the age at which one can receive Social Security benefits to 69 by 2075. A great many people in their 60s have lost or are about to lose their jobs and have little hope of finding another. Raising the retirement age would extend the period of receiving no income for many people approaching 70. The commission would end deductibility of health benefits and mortgage interest while raising the gasoline tax, levying tax increases on the middle class while giving tax cuts to the wealthy.

Americans should not be stampeded into cutting increasingly critical Social Security protections. It's time to ask those who have reaped the benefits of runaway tax cuts and growing income inequality to pay their fair share, not cut Social Security. It's time to require income taxes on all earnings above $106,800. Doing so would fully address the projected shortfall for 75 years.

1 comment:

jmsjoin said...

Hi Jerome!

I am sure as usual Americans were paying no attention but Warren Buffet's stance on the tax breaks for the rich is well known but of course it is the right thing so it is ignored.

Way back before G Bush implemented the tax cuts for the rich Buffet was interviewed on TV and said he and others of his stature do not need it and would recommend not to do it.

I am sure you could google that if you wanted but knowing that it amazes me that foolish so best and brightest nincompoop Republicans get away with saying it is the right thing to do.

If it was so right it would have prevented the timely collapse Bush's ineptitude created.

Buffet: More specifically, here's Buffett yesterday:

We're going to have to get more [tax] money from somebody. The question is, do we get more money from the person that's going to serve me lunch today, or do we get it from me? I think we should get it from me.

I have a lower tax rate, counting payroll taxes, than anybody in my office. And I don't have a tax shelter -- I just take the form and fill out the numbers. I think that's very wrong, and I think that if we're going to get money -- and we're going to need money; we are not taking in enough money at the federal government level ... it shouldn't be [from] the bottom 98%. It should be more from people at the top.


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