19 Aug

World of Class Warfare – Warren Buffett vs. Wealthy Conservatives

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World of Class Warfare – Warren Buffett vs. Wealthy Conservatives
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The O’Leary: You must see this!

The McGlynn: One can easily envision a poor family in Florida being embarrassed because they own a refrigerator. Or, for that matter, a poor family living in any part of our country.

Warren Buffett’s op-ed is a thoughtful treatise on the advantages the super-wealthy currently enjoy at the hands of the tax code, or to put it another way, “class warfare.” (04:48)

The McGlynn: Further, Mr. Buffett is not alone. In November, 2010 more than 100 of the country’s most financially successful citizens came together to form the organization called Patriotic Millionaires and urge the President to let the Bush era tax cuts expire for people making more than $1 million a year.

From their blog, Patriotic Millionaires :

On April 14th, Sen. Orrin Hatch (R-UT) commented that:
“We hear this quite a bit from rich Democrats. ‘Please tax us more,’ they say. Well I know a lot who don’t say that I’ll tell you that. As the ranking member on the Senate Finance Committee I feel obligated to inform Mr. Plouffe that the president and all those rich, liberal democrats who are eager to pay higher taxes can do just that. They can write a check to the IRS and make an extra payment on their tax return to pay down the federal debt. The option is right there at the bottom of their tax return.”

In response, the Patriotic Millionaires released a statement to the press saying: “A few of us voluntarily writing a check to the IRS will not fix the problem that Sen. Hatch and his colleagues created for our country with their fiscal irresponsibility. It will take the work of all Patriotic Americans to create a strong foundation for our continued prosperity. We are willing to do our part by paying higher taxes. It is clear Senator Hatch and many of his colleagues are not willing to do theirs. We challenge Senator Hatch and the other millionaire members of the Senate to put their country first and raise taxes on people like them – and us – who make more than a million dollars a year. In the meantime, if Senator Hatch would like to make a personal contribution to the IRS to help his country, we pledge to match his contribution.”

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