Rich Get Richer

RICHER AND POORER                                                                                                               2                                                                                                                             “Americans are rapidly losing faith in the ability of Congress to deal with our country’s fiscal problems. Only action that is immediate, real, and very substantial will prevent doubt from morphing into hopelessness,” Warren Buffett states in his article, “Stop Coddling the Super Rich.” Warren Buffett is the chairman of conglomerate   Berkshire Hathaway Inc., a philanthropist, and one of the world’s wealthiest men. The 80 year old “Oracle of Omaha,” known for his remarkable savvy in stock market investments, urges United   States lawmakers to raise taxes on the super rich to help cut the budget deficit. Statistics show Congress raises taxes for the working poor and gives tax breaks for the wealthy. Our country was founded on “We the People” not “We the wealthy,” and Congress continues to make our country’s financial decisions allowing the rich to get richer and the poor to get poorer.
Buffett proposed an immediate increase of taxes on the wealthy. He suggested raising taxes on those who make more than 1 million dollars, including dividends and capital gains. Buffett also proposed an additional increase in taxes for those making 10 million dollars or more. Buffett’s personal income and payroll taxes amounted to nearly seven million dollars last year, however, he only paid 17.4% of his taxable income. Considering this proposal, Buffett targets both the wealthy and the super wealthy. Although his proposal is somewhat conservative, it will likely cause conflict among Republicans who do not want to see raised taxes in a recessed economy.
Buffett points out, the best United States economy and job growth in modern times was in the 1980’s to 1990’s when tax policy was more fairly distributed across wealth lines. Since... [continues]

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