Warren Buffett, one of the most celebrated businessmen and investors in history said this recently: "I think that people at the high end should be paying a lot more in taxes. We have it better than we’ve ever had it.“
Regarding the notion that tax cuts for millionaires and billionaires will help spur the economy, Buffett had this to say: "The rich are always going to say 'just give us more money & we’ll go out & spend more & then it will all trickle down to rest.' That has not worked the last 10 years, & I hope the American public is catching on.”
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Article from Bloomberg regarding ABC News interview with Warren Buffett: http://www.bloomberg.com/news/2010-11-21/warren-buffett-tells-abc-rich-people-should-pay-more-in-taxes.html
Interesting article on Warren Buffett: http://www.google.com/imgres?imgurl=http://www.solarnavigator.net/sponsorship/sponsorship_images/warren_buffett_fortune_magazine.jpg&imgrefurl=http://www.solarnavigator.net/sponsorship/bill_melinda_gates_warren_buffett.htm&usg=__nu1XCBXUuUk_T_z3otnPs0MQuZw=&h=287&w=220&sz=20&hl=en&start=34&sig2=oaka-ZHvCdmrmA8nfjNstw&zoom=1&um=1&itbs=1&tbnid=339qAZp5wDTuMM:&tbnh=115&tbnw=88&prev=/images%3Fq%3Dwarren%2Bbuffett%26start%3D20%26um%3D1%26hl%3Den%26client%3Dsafari%26sa%3DN%26ndsp%3D20%26tbs%3Disch:1&ei=uor7TNyRMYWdlgffi9GKBQ
Trickle down economics hasn't done more than run down the leg of millionaires since that spokes model Ronald Reagan popularized this self serving delusion 30 years ago. Did you know that 4/5 of all the income between 1980 and 2005 went to the top 1%? To quote Cornel West, how long can you sustain a democratic experiment with that kind of oligarchical plutocratic tilting of wealth towards the top?
Despite so many republicans preaching the "pull yourself up by your bootstraps" philosophy, the reality is that the top 1% of the population (in terms of net worth) holds more than 50% of the wealth and 90% of that is inherited. And that gap widens more every year. See above article to see what Mr. Buffett has to say about that. Taking an even more global view, Warren Buffett had to say this about the foolishness of concentrated wealth: "Mr Buffett was asked time and again why he had not handed all the money to his three children and responded: "I am not an enthusiast for dynastic wealth, particularly when the alternative is six billion people having much poorer 'hands' in life than we have."
20% if all of American's children are living in poverty. That is a disgrace. And it won't be fixed by willful self serving ignorance. It also won't be solved by blaming these kids or waiting for the wealth to trickle down the legs of millionaires. And it won't be fixed by deregulation since it is exactly that deregulation under Bush that got us in this economic mess in the first place.
What WILL fix this is more people reading things like this article about York in Rolling Stone Magazine and waking up to the fact that as a nation, we can't be both strong and intellectually lazy.http://www.rollingstone.com/politics/news/17390/210904
One last thing: Please remember what happened when 100,000 British stationed in India tried to rule over the country's population of 30 million. They got their asses kicked out of the country and it was done by average poor people led by a little guy wearing a bedsheet (Gandhi). If the people sitting around in the country clubs and board rooms of America think that they can keep this up, they're likely to discover that history begs to differ.
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