Stop Coddling the Super-Rich
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 didn’t refuse, nor did others. 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. 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 what’s happened since then: lower tax rates and far lower job creation.Now my question is: why aren't more gazillion-aires supporting Warren Buffett in his stand?
Cynical me: 'cos they're greedy and are secretly plotting to bring down Warren Buffett for his betrayal. *duh*
Optimistic me: 'cos they are quietly agreeing with him and gave him their approval prior to his speaking out.
Apathetic me: I don't give a damn. Ask me again when I will be impacted.
Frick. Governments around the world need to stop pandering to and molly-coddling the rich. The incomes of the middle classes (lower-middle, middle, upper-middle...the whole frickin' middle class dammit) combined outrank that of the rich/super-rich.
Funny. Only during election years do governments "pay attention" to the grassroots. That's another thing. I don't understand why you call the general public "grassroots". I mean. I get what you're trying to connote, but can't you think of a more edifying word?? Like say salt of...the.......earth. No. Ok. How about the people who matter....most. Too long. Um. Lemme think about it.
In any case, kudos to Warren Buffett for voicing what countless middle-class people have been saying. I just hope more of the Million/Billionaire Club will do the decent thing.