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Warren Buffett’s NYT Op Ed on Coddling Super-Rich

Posted By Jim On 08/15/2011 @ 11:10 am In Personal Finance | 37 Comments

Warren Buffett wrote an op-ed for the New York Times today [3] that has garnered, understandably, a lot of attention. It’s a message he’s been saying for years (anyone who has heard him mention how his tax rate is lower than his secretary, you’ve heard part of it).

While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

There’s no heavy handed political rhetoric, there aren’t pitchforks, no emotional outbursts – just a level headed argument, backed with a lot of information, for something that makes perfect sense.

Update: President Obama has endorsed [4] Buffett’s op-ed and called for the new Super Committee tasked with $1.5 trillion in deficit cuts to embrace Buffett’s proposals for more substantial savings.


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[3] op-ed for the New York Times today: http://mobile.nytimes.com/article;jsessionid=859A0E8CE152730EFE641087B84EEE99.w6?a=828635&f=28&sub=Contributor

[4] endorsed: http://www.businessinsider.com/obama-warren-buffett-is-right-on-taxes-2011-8

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