Yeah! What Warren Buffett said…

source: http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?hp

EXCERPTS:

“But for those making more than $1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.

My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice….

And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation….

Since 1992, the I.R.S. has compiled data from the returns of the 400 Americans reporting the largest income. In 1992, the top 400 had aggregate taxable income of $16.9 billion and paid federal taxes of 29.2 percent on that sum. In 2008, the aggregate income of the highest 400 had soared to $90.9 billion — a staggering $227.4 million on average — but the rate paid had fallen to 21.5 percent.

___________________________________________________________________________________________

For Perspective: Warren Buffett is the guy who called Wall Street derivatives”financial weapons of mass destruction.”

source: http://www.nytimes.com/2008/10/09/business/economy/09greenspan.html

EXCERPT:

“And Warren E. Buffett presciently observed [in 2003] that derivatives were ‘financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.'”

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