Is he feeling guilty at his ill-gotten gains, does he care for those less privilaged than himself, or is scared of a workers revolt?
"The taxation system has tilted towards the rich and away from the middle class in the last 10 years. It's dramatic; I don't think it's appreciated and I think it should be addressed."
Source(s)
http://www.guardian.co.uk/business/2007/oct/31/usnews
2007-11-19 03:05:09 · 14 answers · asked by . 5 in Politics & Government ➔ Politics
He's been saying that for years and I agree with him.
The reason is, the rich enjoy the lions share of our tax system. Whereas the middle class is lucky to have a tax break on their mortgage.
Plus, the rich have benefited from our system by using it to their advantage, thus we have provided them with the means to get richer. Which skews it in their favor.
Plus, when the tax reduction happened, the middle class were given a break, then the taxes were shifted to other area's, such as increase in fee's, fines, hidden taxes, etc, decrease in funding to schools, etc, thus hitting the bottom line for the middle class because it takes a far higher percentage of income to support those increases and lack of funding, then the rich.
Why people can't put two and two together and realize how much they are getting screwed is beyond me.
Yet people blindly accept the trickle down economics theory as gospel when common sense says that what the rich trickle down to the people amounts to pennies while they spend dollars outsourcing and investing overseas, while the middle class just wallows in the $hit the rich gives us.
Peace
Jim
.
2007-11-19 03:21:22 · answer #1 · answered by Anonymous · 2⤊ 1⤋
The biggest lesson to the wealthy aristocrisy about being greedy and hoarding wealth, is the example that the peasants made out of King Louis and Marie Antonette of France.
So maybe Buffet is on to something.
Which could happen again, really easily, since the peasants outnumber the aristocrisy by about 9:1.
2007-11-19 03:13:04 · answer #2 · answered by Anonymous · 3⤊ 0⤋
I consider Buffet. yet no longer with Obama. maximum folk dont understand that there is a distinction. increasing the taxes for somebody making a million money a 12 months is thoroughly distinctive than somebody making 200,000 money a 12 months. in basic terms an illiterate would not know that there is a distinction
2016-10-17 06:40:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
He says it because currently the rich pay about the same percent as the middle class and he feels that the rich owe the country more and should be required to pay more taxes to help the rest of the country. Our current system favor the rich, provide more benefits and oppurtunties for the rich. His gains aren't ill gotten but he realizes also that his gains should be used to aid the greater good of society.
He is not a selfish person.
2007-11-19 03:10:24 · answer #4 · answered by Jerry M 6 · 6⤊ 1⤋
He's just being honest. As more and more of the nation's wealth and income has shifted to the very few wealthiest individuals, the government has continually reduced their taxes, shifting the burden to the working class, whose income is stagnant or even declining. It's an outrageous situation, and Buffet is independent enough that he can speak his mind, as he has always done.
2007-11-19 03:10:03 · answer #5 · answered by Anonymous · 6⤊ 0⤋
Well considering how much income that the Government doesn't count has income on a statutory basis and therefore isn't taxed or tax at a far lower rate I think Mr Buffet's on to something
2007-11-19 03:08:41 · answer #6 · answered by Anonymous · 4⤊ 1⤋
Since he has committed to giving 85% of his wealth to charity over the next 30 years , I think it is safe to say that he cares about less privileged people. He also believes that people who profit most from society owes the most in return, because no one makes that much money entirely through their own efforts.
http://money.cnn.com/2006/06/25/magazines/fortune/charity1.fortune/
2007-11-19 03:19:01 · answer #7 · answered by meg 7 · 2⤊ 0⤋
When you realize the very wealthy pay just about 15% tax and the Republican whores try and tell you that the very rich are paying more than their fair share, Buffet is right.
2007-11-19 03:18:33 · answer #8 · answered by kenny J 6 · 3⤊ 1⤋
Because, with all of his investment insight and instincts, that's what he thinks. He's not scared of a worker's revolt, the guy is ancient and he's giving his money away at his death.
2007-11-19 03:08:48 · answer #9 · answered by 006 6 · 4⤊ 0⤋
I bet when he was a struggling middle class worker he never said that!!!
I say let all the liberal rich pay all the taxes they want..I for one will sure support that!!
2007-11-19 03:18:59 · answer #10 · answered by Anonymous · 0⤊ 3⤋