Millionaires Attack Buffett On Taxing the Rich
30th September 2011
“Easy for him to say.”
That’s the view of many of America’s millionaires on Warren Buffett’s demand that the rich pay higher taxes. It’s one thing for an 80-year-old philanthropist-investor worth $39 billion to pay a higher tax rate. It’s quite another for a small businessperson just starting out who’s worth a few million.
“There is more of a difference between my financial position as a multi-millionaire and Buffett’s than there is between mine and a guy that makes minimum wage,” one reader told CNNMoney. “Why am I grouped with him and why does he feel he can speak for me?” According to data from Spectrem Group, just 24% of those making $1 million or more a year said that the most equitable tax is a “graduated tax in which those who make more money, pay more.” Nearly half of them supported a flat tax.
Looks like rich people aren’t totally clueless after all.
September 30th, 2011 at 19:53
‘“There is more of a difference between my financial position as a multi-millionaire and Buffett’s than there is between mine and a guy that makes minimum wage,” one reader told CNNMoney.’ Irrelevant.
*shrug* So Buffet should pay even more than this yo-yo–but he should still pay.
It’s the classic, “Why should I get a ticket when I saw three other guys speeding and they didn’t get tickets?” The fact that others have sped without getting caught does not relieve you of your responsibility, and the fact that Buffet is super-super-rich doesn’t mean you’re not rich.
‘“Why am I grouped with him…’ Um, because you’re both in the rarified atmosphere of those making more than $1million/year? A grizzly may be much larger than a black bear, but in the end they are both bears and not, say, hedgehogs.
‘”…and why does he feel he can speak for me?”’ Now that’s a good question. Why don’t you ask him?