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Tuesday, 4 October 2011

Warren Buffet Smiling? Why is he smiling?

The famed Billionaire investor, Warren Buffet.  Why is he so happy?  I guess he's happy because he pays less tax than his secretary.  Hear what he says: “I have worked with investors for 60 years and I have yet to see anyone – not even when capital gains rates were 39.9 percent in 1976-77 – shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off.”

Yes that's true.  Warren Buffett, a billionaire, pays a lower tax rate than his secretary.

Think that's unfair? So does Warren Buffett.

Right now, millionaires and billionaires have nearly the lowest tax rates they've had in 50 years, while middle class families picks up the tab.

So President Obama is asking Congress to pass a commonsense bill, known as the Buffett Rule, to fix the tax code and make sure that millionaires and billionaires pay at least the same share of their income in taxes as middle-class families.

The Buffett Rule would reduce the deficit while helping to pay for investments in education, clean energy, jobs, and other programs that will help our economy grow. 

Hear what Senator Barbara Boxer says: "Billionaire Warren Buffett pays a lower tax rate than his secretary -- and I thank him for speaking out and drawing attention to this incredible imbalance.

But imagine that! In America today, billionaires can pay a lower effective tax rate than secretaries, firefighters, and nurses. And imagine that those of us, including our president, who support a commonsense solution that asks everyone to pay their fair share are being accused of waging "class warfare" by Republicans -- even while they launch attack after attack on the hard-working American middle class.
Since Republicans took over the U.S. House of Representatives, they've blocked countless Democratic proposals to create jobs, grinding economic growth to a halt. Republican presidential front-runners like Rick Perry are calling Social Security a "Ponzi scheme," and House Republicans are trying to end Medicare as we know it and defund Planned Parenthood."
Maybe you have a better answer.

1 comment:

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