Tuesday, August 16, 2011

This is a serious post.

And it's about none other than Warren Buffett and his New York Times article, in which he has called for what many conservative political thinkers see as the doom of a good economy. What is it? Fair and equal tax for the wealthy, rather than ridiculous tax cuts for people who have absolutely no need of it. This guy is worth around $47 billion dollars and he is totally fine with paying his share of taxes. I mean, when it comes down to it, the taxes he would pay don't really make much of a dent on his income. Once you get past a certain point, each dollar means less and less. It's like stars and their relationship to the earth. If the sun disappeared one day, all chaos would break loose on the earth and our entire world as we know it would collapse in no time at all. But if you went outside one night, and one star in the sky was missing, you wouldn't really notice it would you? (Unless you study the stars, in which case you need to think of your own metaphor!)

More liberal and moderate economists have been calling for flat rate taxes regardless of pay scale, yet their cries were left unheeded because of the potential disastrous effect that would inevitably have on the economy!! What would the billionaires do without their increasingly unfair tax breaks as compared with the average American?!

Well this is a billionaire and respected investor and money manager saying that he WANTS to pay more taxes. That he wants the government to realize that their call for "shared sacrifice" to improve the economy and reduce the national debt shouldn't stop at the middle classes but include all Americans. We are, after all, a nation of equals under the law, right?

(Note: He is not actually calling for a flat tax rate system, I was only using that as an example of other tax theories that have been seen as destructive due to the equal percentage taxing of the rich as on other Americans and the extrapolated loss in investments due to the threat of having to pay higher taxes on the dividends, which IS something Buffett addresses.)
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