here
warm-up at wrote an op ed in new york times today that i thought was excellent
as well the richest men in the world and he is saying please
sr raise our taxes
on the mega rich in fact
on t_v_ direct quotes here's the first one he says our leaders have asked for
shared sacrifice
but one minute needed to asking they spared me
by checking my mega rich friends to learn what pain they were expecting
they do you
were left
untouched
that's one thing have for democratic or
somebody the progress of caucus to say this
well you won't hear a lot of democrats that are going to progressive caucus in
the same as early as may
uh... but it's another thing for of one of the riches man in the world the sec
the say hey what are you doing you left us on koch he continues
these and other militias blessing showered upon us by legislatures in
washington
who feel compelled to protect us
muchas if we were spotted owls
or some ind other in danger species
it's nice to have friends in high places
but that's exactly right
the reason that the rich get for these huge tax breaks is because they buy the
politicians
aman explained to you event when i warned about the speaking out on this
both matters
and is not as relevant
as other rich people who want their taxes lowered
he makes a great case here and as he makes a case you wish
that are so-called democratic president
with a similar things and as forcefully and actually try to win that argument
here's the uh... the third quarter my article
while the poor and middle-class white for us in afghanistan while most
americans struggle to make ends meet
we mega rich
continue to get our extraordinary tax breaks subtilis our investment managers
who are in billions from our daily labor's were allowed to classify income
as quote carried interest
thereby getting a bargain
fifteen percent
got a family saner
it's that is we are ruled called the carrot interested only exist because
the private equity guys who it applies to
kama donated a lot of money to politicians
so studying a thirty five percent rate of they should be getting
they magically got a carrot interest-rate of fifteen percent it's on
money and that they have heard as income
but they just say we make it in the investment field were destined for other
people so somehow magically fifty percent
should apply
and warm up recalls b-side s is there's no reason why you should be paying taxes
that low lower than average america
which egos unexplained
he says last year my federal tax bill income tax i paid as well as payroll
taxes paid by me
and on my behalf
was six million nine eleven thirty thousand seven forty four dollars
now that sounds like a lot of money but what i paid was only seventeen point
four percent of my taxable income
and that's actually the lower percentage
that was paid by it
any of the other twenty people in our office
their tax burdens range from thirty three percent
two forty one percent
an average thirty six percent
why is that because other people in his office whether it's a secretary or
anyone else
is making game cop and on income they have to pay a normal income-tax and they
pay the payroll tax on top
when it is investment money whether its dividend ed tax-free that supplied
or the carried interest that applies a private woody although i don't think it
applies a warren buffett it senator
all capital gains these are all at fifteen percent
so it allows the richest people in the country the pay the lowest right
as a warm up it is a that makes no sense
is another i'm paying fifteen percent my center case fifteen to twenty five
percent of any on her or his income range
and then they pay a huge chunk
of this process at this hour day
in payroll tax on top
is unlikely role taxes in basically nothing compared to my income
this is totally on jobs
but he doesn't stop there he continues
he explains
how much worse things have gotten
he swears that in nineteen ninety two
that's not four hundred tax
burners
people may be the most amount of money that your top four hundred
uh... made sixteen point nine billion dollars overall
in two thousand and eight
they made ninety point nine billion
which means cadre doing as you can tell sent asap
their income has gone up so much
how that their taxes in ninety two
on average they're paying twenty nine point two percent
now they're paying twenty one point five percent
so as their money has gone
exponentially higher
their taxes have gone signal really
now and it just world that makes no sense in the world
where rich people can buy our politicians it makes all sense in the
world
we take some of that extra money the huge tax breaks
and makes so much more than the money that they're giving the politicians
now warm up this morning on this out uh... and then he has
a proposal he says hey you know what
how about we chose increase the taxes on the really really reg by a little bit
that would actually created a lot of revenue for the government so that we
can find some of those other programs is that a constantly
thing for the poor the middle class
so as an example he says
but for those making more than one million dollars
there were
uh... two hundred thirty six eight hundred eighty three such councils and
at two thousand and i i would raise rates immediately on taxable income in
excess of one million
including of course dividends and capital gains when i was referred to
earlier
and for those who make ten million or more
i would suggest
an additional increase
so he saying they make a layered the people did make it over a million
dollars in income per year can certainly afford to pay more right now
animated over ten million a year well argues that a girl for detail a liar
and taxes can we at least
get that done
of course most politicians say no
uh... and
you know one more thing here did he go sit there back in court so that i think
that's all we critical
he talks about
uh... well let me give you a direct quote tues back in the nineteen eighties
in nineteen ninety
tax rates for the rich were far higher
amai percentage rate was in the military
going to a theory i sometimes here
action of throwing a fit and refused to invest because of that elevated tax
rates
on capital gains and evidence
i didn't refuse
nor did others i have worked with a message for sixty years and i have yet
to see anyone
not even one cambodians rates were thirty nine point nine percent ninety
seven sixty seven seven
shy away from a sizable investment
because of the tax rate
on the potentially being
people invested make money
and potential taxes
never scared them all
the reason and i that i love that he added up point is
this is what i've been saying all along look if you're going to make money
whether it's a small business like ours or you're a large investor you're not
gonna say well if i make a lot of money they'll take a little extra taxes
you're gonna make the money
who's always smart investor in their right mind says idle on extra money
because i'll pay a little extra taxes on top of it
remember it's not extra profit that you're paying the taxes
so it's one thing for me to say it is all you live it's a expand quite alarmed
by the role of the riches man in the
care world says
of course people don't make decisions based on that you always make an extra
dollar
butler how much they take up almost no matter how much they make out
they gathered in taxes
so that is a nonsensical point
that is used by the republicans are enforcing a lot of democrats these days
to help the rich ovoid taxes so now why it is warren buffett lose this battle
why do the people
push for even the mega ritual push for higher taxes
muslim acreage who push for lower taxes
as warren buffet is making and ideological point he's back in a bag of
of money
he's not gonna pay politicians the tax of more
and i don't expect them to that's asking for too much
but the guys who have the uh... opposite idea
the once who sandy gagne has one bothered us from lower taxes
while they pay the politicians and they say hey you know what
here's a campaign country should islamic maybe after you retire here's the money
embed paying your someone to be a lobbyist
here's a money on paying your staffer
after he leaves your office
all that is on the single email lower tax rate
money talks
that's why they win in warren buffett loses and we all loops
but warm-up it ends at a good note tonight wanted to share that with you as
well and i think it is important to be saying all this
quote
my friends and i have been cobbled long enough
by a billionaire friendly congress
it's time for our government
to get serious
about shared sacrifice
now despite the fact that he will ultimately lose its wrapped up a
unfortunately
because it is a billionaire friendly congress will be paid by those
billionaires
it is still important he saying this because right after i read this article
which i thought was great
white saw but there
political discussion
uh... where all the sudden
guys who talk about the markets or always in favor lower taxes like
you know
one woman does make a very good point i mean taxes are at a record low of and we
did reduce tax in the last ten years and it hasn't helped implement at all
on other hand when taxes were high and the warren buffett also has this in his
articles and will provide a link for you
but you know we had a really good employment when taxes were higher
so maybe war mother makes a good point
at the very least he did the best he could it's going to change that
conversation and he has a credibility to change their conversation
by my final note on it is
one of the nice
if we had a democratic president
who made the point just as well and insisted upon it until he won
and he got the american people behind him to get that victory
instead we have a president who just agree to a package
that has been no revenue increases and now he hopes but the republicans out of
the goodness of their hearts would create a super congress
tak sure ever
getting that set how it's gonna turn out
none this billionaire from the congress