what john edwards would do

[Mercor]

Quote from jamis359:


Warren Buffett is a saint. He understands that America needs to do more to strengthen the middle class. He said "trickle down" doesn't work. He's right, supply-side economics has been a failure with budget deficits and collapsing dollars as far as the eye can see.

Seems that the best way to raise revenue for the goverment is to create more jobs

Every new job is taxed about 30% with Fica and medicaid included. If we create 2 or 3 millions new jobs a year that will promote greater tax revenue then any tax increase.

 

[AAAintheBeltway]

Quote from jamis359:

The rich can pay 40% of all tax revenue and still underpay. Yesterday Warren Buffett said that he is astounded that he is only asked to pay 17% of his income and capital gains. I'm upper middle class and I pay a higher percentage than that. There's no reason why Warren and the other top-earners can't pay at a 35% rate. If they did, the budget would be balanced, and the economy would do better.

Warren Buffett is a saint. He understands that America needs to do more to strengthen the middle class. He said "trickle down" doesn't work. He's right, supply-side economics has been a failure with budget deficits and collapsing dollars as far as the eye can see.

I think it's dangerous to try to generalize from one rich guy's experience. Without seeing his tax return, it's impossible to know his tax situation. I would assume that most of his income is tax-advantaged, eg dividends and cap gains. They are given favorable tax treatment for a very good reason, namely that they have already been taxed once, as income, and giving them favorable treatment encourages investment and savings. In buffett's case, that is not necessary, but you can't just extrapolate that to the economy as a whole. His guilt over not being taxed enough evidently wasn't so strong that he didn't use a private foundation tax dodge to insulate most of it from the IRS.

Bottom line, he is a hypocrite who is singing from the liberal democrat choir to get favorable media coverage.