“A Billie, A Billie, A Billie, A Billionaire…”: Warren Buffet has something to say

I have decided to shy away from doing any posts on the economy as I thought, ”well what good will that do anybody?!”  Then the other day my roommate told me about an editorial piece that Warren Buffet did in the New York Times.  And pretty much with his earnings being damn near the whole economy, lol, I decided to check out what he had to say.  It looks like the Billionaire Boys Club isn’t all bad.  Buffet’s piece was a plea to his fellow Billionaire Boys Club members and the government to stop taxing us and start taxing the rich.  Us, would be those whose annual revenues are under $1 million dollars :-) And it’s a glimmer of hope for those who might think things are hopeless.  In his piece he wrote:

“I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.

Twelve members of Congress will soon take on the crucial job of rearranging our country’s finances. They’ve been instructed to devise a plan that reduces the 10-year deficit by at least $1.5 trillion. It’s vital, however, that they achieve far more than that. Americans are rapidly losing faith in the ability of Congress to deal with our country’s fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness. That feeling can create its own reality.

Job one for the 12 is to pare down some future promises that even a rich America can’t fulfill. Big money must be saved here. The 12 should then turn to the issue of revenues. I would leave rates for 99.7 percent of taxpayers unchanged and continue the current 2-percentage-point reduction in the employee contribution to the payroll tax. This cut helps the poor and the middle class, who need every break they can get.

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.”

Moral of the Story: We young people need to start being more aware of what’s happening in our nation.  This is a man that is saying listen, I’ve had enough saving money, please take it.  If we were more active in the governing structure of America, he wouldn’t have to say it.  But good thing he is. Like he said, the mega-rich are decent people. People need to think about this the next time they’re talking shit about Oprah too, lol.  The reality is Warren and Oprah worked for their money like everyone else and will do what it takes to protect it.  Including putting elected officials in office who have their interests in mind. It’s time we wake up and start to do the same. xx

Happy “Doing Your Part To Protect Your Assets” Ladies! :-)

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