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Wednesday, October 26, 2005
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I was reading Fortune (yeah, I read Fortune) and I found these comments by Warren Buffett (aka the second richest man in America to his friend Bill Gates, the richest man in America) to be fascinating:
On the idea of a flat tax
I wouldn’t support it. We have, in my view, a taxation system that’s much too flat already. If you look at the payroll tax—which is over 12% now, and that applies on the first $80,000 or $90,000 of income—Bill and I pay practically none of that in relation to our income. For the people that work for us, their tax rate in many cases is the same or even higher than my own, since the rate on capital gains and dividends was cut to 15%. What has gone on in this country in recent years is a huge benefit to the very rich and not that much relief to people down below. Frankly, I think that Bill and I should have a higher tax rate on the income we get. We pay less than half the rate that I was paying 25 years ago when I was making a lot less money. They have really taken care of the rich.
(emphasis mine)
Again, I would like to note that Warren Buffett is the second richest man in America with a net worth estimated to be $40 billion and is a hell of a capitalist.
(Via Oliver Willis - Like Kryptonite To Stupid.)
8:54:09 AM 
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TODAY'S REPUBLICANISM: You can't really parody this exchange between an NYT interviewer and Connie Mack, former Republican senator, and president Bush's point-man on tax reform. The dialogue is about spending and taxes: NYT: Well, the U.S. government has to get money from somewhere. As a two-term former Republican senator from Florida, where do you suggest we get money from?
Mack: What money?
The money to run this country.
We'll borrow it.
I never understand where all this money comes from.
When the president says we need another $200 billion for Katrina repairs, does he just go and borrow it from the Saudis? In a sense, we do. Maybe the Chinese.
Is that fair to our children? If we keep borrowing at this level, won't the Arabs or the Chinese eventually own this country?
I am not worried about that. We are a huge country producing enormous assets day in and day out. We have great strength, and we have always adjusted to difficulties that faced us, and we will continue to do so. This is what we're dealing with. Essentially: fuck the next generation. And they call that conservatism these days.
(Via Daily Dish.)
8:35:06 AM
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© Copyright 2005 Steve Michel.
Last update: 11/1/2005; 9:47:47 PM.
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