Class Warfare
On May 4th. Lou Dobbs interviewed Warren Buffett the second wealthiest man in the world. In " You have the Power", Howard Dean describes Buffett as a billionaire with a conscience.
Dobbs asked Buffett about his comment that our country is becoming a sharecropper society and economy. "What does that mean?" Buffett response was that if we keep doing what we're doing, the world will own a greater percentage of this country. The cost of servicing the debt will mean that we will send abroad a percent of our GDP every year just to service debt, which arose from the over - consumption that is currently taking place. "Our sons will pay for the sins their fathers."
Dobbs asked about Social Security. Buffett's answered: "I personally would increase the taxable base above the present $ 90,000. I pay very little in the way of SS taxes." Dobbs commented: "What a progressive idea, the rich people pay more." Buffett pointed out: "The rich people are doing so well in this county, I mean we never had it so good... It's class warfare, my class is winning, but they shouldn't be."
Dobbs responded: "Your class as you put it, in point of fact is winning on estate taxes. I know you opposed it. The same week the House passed legislation which they call bankruptcy reform. Half the bankruptcies in this country take place, because people fall seriously ill, which results in bankruptcy. What is going on in this country?"
Buffett: "The rich are winning. Just take the estate tax, less than 2% of all the estates pay any estate tax. We raise $ 30 billion from estate taxes. I would like to hear a Congressman say who they are going to get the $ 30 billion from if they don't get it from estate taxes. It's nice to say... wipe out this tax, but we're running a huge deficit, so who does the $ 30 billion come from?"
"Right now corporate profits as a percentage of GDP in this country are right at the high. Corporate taxes as a percentage of total taxes raised are very close to the historical low."
Dobbs asked Buffett about his comment that our country is becoming a sharecropper society and economy. "What does that mean?" Buffett response was that if we keep doing what we're doing, the world will own a greater percentage of this country. The cost of servicing the debt will mean that we will send abroad a percent of our GDP every year just to service debt, which arose from the over - consumption that is currently taking place. "Our sons will pay for the sins their fathers."
Dobbs asked about Social Security. Buffett's answered: "I personally would increase the taxable base above the present $ 90,000. I pay very little in the way of SS taxes." Dobbs commented: "What a progressive idea, the rich people pay more." Buffett pointed out: "The rich people are doing so well in this county, I mean we never had it so good... It's class warfare, my class is winning, but they shouldn't be."
Dobbs responded: "Your class as you put it, in point of fact is winning on estate taxes. I know you opposed it. The same week the House passed legislation which they call bankruptcy reform. Half the bankruptcies in this country take place, because people fall seriously ill, which results in bankruptcy. What is going on in this country?"
Buffett: "The rich are winning. Just take the estate tax, less than 2% of all the estates pay any estate tax. We raise $ 30 billion from estate taxes. I would like to hear a Congressman say who they are going to get the $ 30 billion from if they don't get it from estate taxes. It's nice to say... wipe out this tax, but we're running a huge deficit, so who does the $ 30 billion come from?"
"Right now corporate profits as a percentage of GDP in this country are right at the high. Corporate taxes as a percentage of total taxes raised are very close to the historical low."
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