Sol, Portugal

Buffet's Righteous 'Slap in to Face' to America's Super-Rich


"The Bush tax cuts proved to be just as wicked as the Iraq invasion. On top of the moral issues that they raised, the consequences were disastrous."


By César Avó


Translated By Brandi Miller


August 22, 2011


Portugal - Sol - Original Article (Portuguese)

In the year that the Twin Towers were wiped off of New York’s landscape, another attack - without the horror or "spectacle" of the first, struck Americans: in June of 2001, George W. Bush announced a series of cuts and exemptions for income and property taxes, dividends, etc. for the wealthiest.  



The measure proved to be just as wicked as the Iraq invasion. On top of the moral issues that it raised, the consequences were disastrous. Bill Clinton had left a surplus that was transformed into the current mountain of debt - and this, rather than wars in Iraq and Afghanistan (which cost $1.7 trillion between 2002 and 2009), was the central cause.


This is the same deficit that Republicans want so badly to fight today, and that keeps Barack Obama hostage to a Congress that won't allow him to raise taxes. If this regime of exceptions for the rich doesn’t end in 2012, the country won't be able to collect $3.75 trillion over the next decade. Some might argue that the tax burden was excessive and that this money was wisely spent on the creation of businesses and jobs - in short, wealth. But none of this has been proven. All we know for sure is that the wealth gap between Americans has widened.



It was against this backdrop that one of the richest men in the world wrote an opinion piece in The New York Times (Stop Coddling the Super-Rich). In it he demonstrates that his employees have a much greater tax burden than he does, and asserts that he, like the rest of the millionaires, should pay more taxes. It seems obvious - and it is. But coming from a man like him, it's a slap in the face to the political class in Washington as well as his colleagues who made fortunes after lobbying for the measure.


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[Posted by WORLDMEETS.US Aug. 25, 1:17am


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