Wednesday, November 17, 2010

Warren Buffett speaks. Republicans close their ears.

Warren Buffett is being interviewed on CNBC right now about an op-ed piece he wrote in the NY Times today. The really interesting part of this conversation is what he's pointing out about our income tax structure. The problem we have in our country right now is that we're spending about 24-25% of our GDP in government expenditures. But, we're only collecting about 17 - 18% in taxes. We can't afford this gap.

Warren is pointing out that the IRS released tax data recently for 2008. He looked at the income reported by the top 400 income earners in our country. They averaged over $358 Million in income each. Counting both payroll and federal income taxes, these 400 highly paid people paid income taxes at a rate of about 16 - 17%. Mr. Buffett says he looked at his own tax situation for 2008 as well. He has no fancy tax shelters, and his total payroll and income tax bill came to about 16 - 17% too. But when he did this same math on every other person in his office, the average was over 30%. Warren makes the case that the very wealthy in our country need to be paying more taxes.

Why in the living hell can't we get a clue in our country? To the one, Republicans insist that the Bush tax cuts be extended for everyone. The rich wind up paying 16 - 17%. Middle class America pays over 30% (when payroll taxes get rolled in). How in the world is this fair? How in the world does this make common sense?

Yet, our Republican politicians like Richard Burr will stand there and insist that everyone gets an extension to their current income tax rates.

And we wonder why it is that our nation's finances are in a shambles? We're screwed because we put Republicans in office. Republicans who lack common sense when it comes to applying the tax code to the very wealthy among us. Republicans like Richard Burr.

North Carolina deserves better than Republican Senator Richard Burr.

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