In Cannon Falls today, President Obama referenced a New York Times editorial by financier Warren Buffett to back his call for higher taxes on wealthy Americans.
in cannon falls, MN, POTUS cites Warren Buffet’s Sunday NYT oped about how the wealthy should pay more in taxes http://t.co/T1upiX1
Here’s the Buffett opinion piece, “Stop Coddling the Super-Rich.” Excerpt:
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.
These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.
My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.