It's unanimous. All of the Republicans who are running for President are opposed to ending tax breaks, or closing the tax loopholes that are currently enjoyed by the super rich and big business.
Their argument for the status quo is that ending those tax breaks and closing those loopholes would discourage America's "job creators" from hiring, and would result in a major loss of jobs nationwide.
To this, Warren Buffett says, in effect, hogwash. Billionaire Buffett believes that tax breaks and loopholes for the wealthy can be ended, and that taxes can be raised on everyone making more than a million dollars a year--all without damage to the economy.
Warren Buffett specifically says that higher taxes for the wealthiest of Americans would not adversely affect job growth. He believes that super rich individuals and major corporations would continue to invest, and would continue to hire.
So who is right--the Republican candidates or Warren Buffett? The choice is a no-brainer. Warren Buffett is right, and he is not alone in his thinking. Most leading economists agree that our wealthiest citizens should, and could be paying more.
The Republicans who are vying for their party's nomination have differing, and mostly impressive resumes, but no one in the field has a track record like Warren Buffett.
He knows of what he speaks, for he is considered by his peers to be one of the world's shrewdest investors, and his business smarts have made him one of the wealthiest, most successful men in America.
Following Warren Buffett's advice would go a long way toward resolving our national debt crisis, and would speed us on the road to balancing our books.
And just how many people would see their taxes go up? Slightly more than three million Americans. That's how many millionaires there were in these United States in 2010--3.1 million to be more exact.
And according to the Annual World Wealth Report, that mind-boggling number of 3.1 million millionaires is up from 2.8 million millionaires a year earlier.
Yes, the rich are getting richer.
Wednesday, August 17, 2011
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There is a lot of asset inflation included in the tabulation of the number of millionaires. A million dollars worth of assets today is practically inconsequential to those who have saved and invested conservatively over a lifetime. We should distinguish those who earn $1 million and those who earn much less but whose assets over time have appreciated into that category. All that having been said,Buffett (and "Buffalo" Bill) is right, but who among the Republican candidates has the courage to put himself at risk of losing even a small chance for the nomination by declaring that he/she agrees with the reasonable position taken by Buffett. A pox on all their houses!
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