Warren Buffett: The Rich Should Pay More Taxes
From the world’s second richest man:
Warren Buffett, the renowned investor and the world’s second richest man, told Senate Democrats that wealthy Americans need to pay higher taxes, giving Democrats something to mull as they address healthcare reform and soaring federal deficits.
Senate Democrats met with Buffett for more than an hour over lunch Thursday, peppering him with questions about the economy, said lawmakers in attendance.
“He said rich people are not paying enough taxes,” said Sen. Claire McCaskill (D-Mo.). “It was interesting to see someone who is such an aggressive capitalist, who believes so much in our capitalist system, saying we’ve got the scales way too heavily toward people who are very, very wealthy.”
Buffett told lawmakers that because of the cuts to the capital gains tax passed under former President George W. Bush, he pays taxes at a lower rate than some of his company’s employees.
Sen. McCaskill is spot on. The message is not new. The tax burden lies squarely at the feet of those who have the least. What’s fascinating about this is the messenger. It’s refreshing to hear this from a wealthy individual, because too often, those that have do everything in their power to have more. Their interests are placed before all others. I’m not necesserily saying it’s not their right, but I do think it’s wrong.
This is extremely relevant because of the ongoing debate. Many, including myself, gave President Barack Obama high praise for his health care speech this past Wednesday. He covered many areas and made strides to explain his plan and what it meant for all Americans. If there was an aspect of the speech to criticize, it was definitely the part about how to pay for this health care overhaul. Many are in agreement that it’s necessary. The question, though, is what it means for our deficit. This is a $1 trillion plan over ten years. Where is the money coming from? He was rather vague in that explanation.
That’s where the Bush Tax cuts come in. They need to be repealed. The super rich have gotten a free-ride in this country long enough. While two wars were being prosecuted, Bush foolishly signed into law his $1.3 trillion hook-up for the top 5% of the country. By the way, isn’t it interesting that the politicians who supported the tax cuts back then are now opposed to a slightly less expensive, and much more important health care reform. Funny, that.
Hopefully the Democrats take heed to Buffet’s suggestion. It would benefit the country.