Sponsored Content
DOOM: You upset me, baby. | Main | If you believe that Wall Street is the Root of All Evil, I've got a Bridge to Sell You. [krakatoa]
October 03, 2011

Buffett: "Higher taxes on the ultra-rich is not going to solve the deficit problem" [Sexton]

According to the description provided by the person who uploaded the clip, Buffett said this at a lunch for Business Wire on Friday. That means it was just a few hours after the comments that caused such a kerfuffle over the Buffett Rule Friday morning:

Having higher taxes on the ultra rich is not going to solve the deficit problem but no one act is going to solve it. We are going to need a lot of shared sacrifice in order to get our fiscal situation where it should be for a country like this.

We're going to ask something from everybody including people that are poor and people that are middle class. Getting an extra $20 billion from about 50,000 people out of 310 million, 50,000 people who are enjoying terrific incomes with very low tax rates.

I actually think he makes a better case for this than Obama ever has. Still, he's really making an understatement of epic proportions saying this won't solve the deficit problem.

In case you're wondering, $20 billion goes into $1.3 trillion (last year's deficit) 65 times. So this new tax would solve roughly 1.5% of our annual deficit last year. Not only is that not a solution it's hardly worth talking about. Which begs the question, why is the President spending so much time and energy on it?

The part about asking for something from poor and middle class people is another significant moment of honesty. When was the last time the President admitted this in public? Maybe he's talked vaguely about shared sacrifice but singling out the poor (who currently pay nothing in federal income taxes)? I don't think those words have passed the President's lips.

digg this
posted by Guest Blogger at 09:37 AM

| Access Comments

Recent Comments
Javems: "101 72 What's a binary trigger? Posted by: Joe Ma ..."

Moron Robbie - read closely, it's impossible to get a negative result from the free COVID tests : "If you get a good recipe let me know. I never coul ..."

fd: "The Public is, in general, dumb. ..."

Warai-otoko : "We might be seeing the largest instance of a Strei ..."

Ordinary American: "They need a new crisis, STAT, especially in red st ..."

Sponge - Death Sucks: "Polls are for strippers. ..."

Sponge - Death Sucks: "FIRST!!!!! ..."

Joe XiDen - I miss Delta Variant: "Biden is spiking the ball that his economy was 6% ..."

N.L. Urker, resolved to lurking : "When's the last time anyone could say the Demoncra ..."

J.J. Sefton: " Well, assuming polls are accurate and people hav ..."

Anonosaurus Wrecks, Stupid Son of a Bitch[/s] [/b] [/i]: "The Army and Jimi parted on good terms. - I h ..."

flounder, wrecker, hoarder, saboteur: "Try brushing them with melted butter when they com ..."

Recent Entries

Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64