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A Modest Proposal for Taxing Guilt-Ridden Billionaires

From the liberal blog ironically named Crooks and Liars:

Not that this will matter to the congressional Republicans, whose agenda is not actually improving the economy nor listening to economists, the wealthiest 2%, or any other American, come to that. But the country's wealthiest men, Warren Buffett and Bill Gates, dismiss the calls of Republicans to extend the Bush tax cuts for the wealthiest 2% of Americans and say that the wealthy SHOULD pay more taxes.

Warren Buffett, Chairman and CEO of Berkshire Hathaway, said that the rich should be paying more taxes and that the Bush-era tax cuts for the wealthy should be left to expire at the end of December.

"If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further," Buffett said. "But I think that people at the high end -- people like myself -- should be paying a lot more in taxes. We have it better than we've ever had it."

The billionaire brushed aside Republican arguments that letting tax cuts expire for the wealthy would hurt economic growth.

"They say you have to keep those tax cuts, even on the very wealthy, because that is what energizes business and capitalism," anchor Amanpour said.

"The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on," Buffett explained.

Read the rest here

Let me get this straight, billionaires feel like they can spare a few million more bucks via an increase in their tax rate and they want to take people making $250,000 with them? Brilliant.

Generally speaking, someone making a billion dollars will see their tax bill rise by $40 million. Their $250,000 counterpart will see a rise of $7,500.

At some point one does have so much money that the only way it can possibly be spent is by finding more creative ways to use it, such as stufifng for pillows, or toilet paper, or donating it to a charity that provides kindling for the fireplaces of rich people.

The point is someone with $40 million less of a billion dollars can STILL get everything they need and everything they don't need too, but a $7,500 hit to a family making $250,000 has a major impact on financial planning and the ability to save and pay for major life issues ranging from education to retirement.

To lump the two together like Crooks and Liars does (enabled by money bubbleheads like Buffett) shows an intellectual bankruptcy even Joe Biden could bail out.

If Buffet wants to be so cavalier about having an additional $40 million to burn why doesn't he give it to more philanthropy?

Why not eliminate the welfare middle man and just bring 160 homeless families up to his tax bracket?

Or better yet, if HE thinks HE can spare the money for higher taxes then HE can pay a higher rate while the rest of us can stay at the current one. Nobody is stopping him from cutting THAT check.

Maybe he wants the force of law because he doesn't have the intestinal fortitude to pay that much more voluntarily. Fine, I call on the new GOP congress to enact the new tax bracket for anyone who thinks the government is shortchanging itself when it comes to having their money confiscated.

We'll call it the PB & J Tax. I've already figured out the perfect ad for it...