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http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.htm?_r=1



Wonderful to hear an ultra-wealthy american finally explain the obvious. I especially like his discussion on whether taxes discourage investment. This is a very important message, and this is something a lot more of these investment powerhouses should be saying.

How do we get Warren to be Treasurey Secretary?

Originally posted by Mindship
How do we get Warren to be Treasurey Secretary?

yeah, right!

I wonder... Bill gates throws a lot into his foundation... I wonder how he would feel moving it to the fed instead of his charity...

Or steve jobs and... God I love apple but I can't think of anything he does charity wise other than try to make Eco friendly tech....

I don't know, but I do know the former head of Bear Sterns went on Fox and said he agreed with Buffet 100%.

Excellent article and it's time more wealthy people come out and preach like this. I will add that just because a person will invest it does not mean they will invest only in America. There is plenty of foreign opportunities with higher gains than in America. It's also a way investors diversify risk. It's great for investors but takes away money that would help the economy. However, if you take the tax break and gave it the middle class and poor most of that middle would be spent here. How come? This economy is made up of 2/3 consumption. As much bullshit as they claim about trickle down economics, it's really from the bottom up that creates the demand and buys the goods. Look Around and see who buys the goods and services froM the businesses around daily. The middle class and poor are involved in most of this daily consumption that put money into the pockets of business and create need to hire workers. Also we don't tax most of the poor because they need that income to pay for necessities like rent, food, gas, child care, utilities, etc. They might not buy yachs but they do spend most of their earnings every paycheck and provide businesses with the needed daily revenue. Fox would have you believe the poor don't help the economy like the rich who provide jobs and pay taxes, but it's the poor who spent most of their earnings here and drive this economy.

One other point, Buffet says that a lot of his friends like to invest rather than work. If say you give a tax break to the rich and some of the rich decides to invest half of that here and half of it abroad, how will the investment abroad trickle down to businesses here and create jobs?