Saturday, August 20, 2011

Buffet Rebuffed by Right

Last week billionaire Warren Buffett argued that billionaires should be paying more in taxes -- through an increase in capital gains taxes and a more progressive tax system for those making over $1,000,000 and $10,000,000. Not surprisingly, the right is attacking him on all fronts. Fox News has been particularly incisive in their charges, claiming he is engaging in "class warfare" (which of course indicates talking about class at all; not killing unions, cutting jobs and helping the wealthy to get wealthier) and even that one of the richest men in the world is a "socialist." Jon Stewart, one of the few voices around willing to actually attack the absurdity of the GOP and media these days, had a wonderful bit on Fox's coverage of Buffett's op ed: Washington Post. Have we really reached the point in America where progressive taxation is a form of "socialism"? Have we gotten to the point where any tax increase is beyond the scope of reasonable? And what does this mean for our future? I would argue that unless we ask the wealthiest Americans to start paying their fair share, cut defense spending and have a real stimulus from DC we are on the cusp of a long decline not unlike the one that seems destined for my beloved Arsenal.

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