Monday, August 15, 2011

Warren Buffett editorial in the NYT

Its been awhile since I've included a political rant, but an OpEd from Warren Buffett in Sunday's NYT Stop Coddling the Super Rich got me all fired up again. He starts his editorial saying,

"OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched."

Mr. Buffet's editorial is well timed, coming on the heels of more political posturing than honest discussion and legitimate compromise, regarding raising the US debt ceiling and deficit reduction talks. Buffett points out that his tax rate last year was 17.4% (half the tax rate of the other 20 people in his office), and that the "super rich" now pay less than they ever have, despite benefiting from a system that has allowed them to reap record salaries, bonuses and perks. However, I don't believe Buffett's editorial is likely to budge an increasingly intransigent Congress, nor foster debate and dialog about his suggestion to raise taxes on the "super rich" with the newly appointed bipartisan Committee of 12.

Looking at the current list of Republican Presidential hopefuls, I wonder if they can even fathom his logic of what "Shared Sacrifice" really means. You can read Warren Buffett's editorial in its entirety here and decide for yourself.


Ace said...

I won't hold my breath on any change involving this issue or any other as long as the current "us vs them" political climate still stands. We have pushed our politicians into corners by demanding they do everything possible to prevent the other party from gaining power and not allowing them to actually think on the issues. This is why a bipartisan system really doesn't work.


SteveA said...

That's a good article...and he's got a point - bottom line - the rich get richer!

Thom said...

Really, Mr. Buffett?? Really?! I highly, HIGHLY doubt that the mega-rich in this country would actively and vocally call for an increase in their taxes. Though I don't doubt that you can afford it, you will not honestly seek this increase in your taxes out. It must be really, really nice to sit where you sit, Mr. Buffett, and lament the decent of the United States from the role of world economic leader to nothing more than just another country robbing Peter to pay Paul. I'm so sorry manual labor is beneath you.

The points he made in this editorial sound nice, but I must doubt the reality of the sentiment. The Gray Lady will print anything these days...

JamTheCat said...

And did you tell your accountants to NOT take all those deductions so your taxes would only be 17%, Warren? Nope, didn't think so. Sounds good...but when it comes down to actually DOING it, he's still a rich guy wanting to keep every penny he can.