Warren Buffet, one of the wealthiest men in America, has gone on record publicly saying that the wealthiest in America should pay more taxes, should pay their share and "share the sacrifice."
That that is true seems to me should be non-controversial, a no-brainer. Yet a local TV station in Chicago polled its viewers, "Do you think that the wealthiest Americans should pay more taxes?" Even though a pretty good majority—91%--voted "Yes," I am surprised that 9%--that is roughly one in 10—voted "No." I wonder why not. Maybe they buy that often-voiced Republican and Conservative argument that taxing the wealthy stifles job creation. But sparing the wealthiest individuals and corporations from taxes is trickle-down economics. It was tried during the Reagan years and it does not work.
Anyway, Congress take note of these poll results: There is very wide public support for raising taxes on the wealthy.
Warren Buffet is a good guy, there's no doubt. He has partnered with his fellow-richest guy Bill Gates to form a little group that lobbies other wealthy people to get them to be more philanthropic. Buffet said he pays some 17% of his income in taxes. Unfortunately, with the many loopholes that exist, many wealthy individuals are able to shield almost all their income from taxes. The rich can afford clever attorneys who help them to exploit a large number of ways of avoiding the income tax. Thus wealth, as always, begets wealth, and the rich and super-rich, under current policies, just get richer. Those in the upper 1% by income now control 33% of assets in this country.
Copyright © 2011 by Richard Stein
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