LIFE: Warren Buffet – Stop Coddling the Super-Rich (NYT)
Written by robb on August 15, 2011
Great op-ed from Warren Buffet in the New York Times regarding the need to sensibly tax the uber-upper class in America. I’m all for people making money, but we need a fair tax structure that doesn’t favor the maneuvering of wealthy elites adept at working the system. I really appreciate when someone of Warren’s wealth shares such a balanced view of the financial situation – we need more like him. Makes sense to me:
Back in the 1980s and 1990s, tax rates for the rich were far higher, and my percentage rate was in the middle of the pack. According to a theory I sometimes hear, I should have thrown a fit and refused to invest because of the elevated tax rates on capital gains and dividends.
I didnâ€™t refuse, nor did others. I have worked with investors for 60 years and I have yet to see anyone â€” not even when capital gains rates were 39.9 percent in 1976-77 â€” 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. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know whatâ€™s happened since then: lower tax rates and far lower job creation.
Read the full article here.