Monday, August 24, 2009

a link: class and taxes

Why Warren Buffett Must Take Aim on Our Obscene Distribution of Wealth:
This is the perfect time to call for a new progressive tax schemes on the super-rich. In fact, if we had in place a fair system, there would be no deficit problem at all. Consider the fact that by 2008, the top 400 billionaires in the U.S. averaged $3.4 billion in assets each! Their total net worth was a whopping $1.56 trillion. That capital accumulated because, as a matter of policy, we encouraged income and wealth to concentrate at the very top of the income ladder. If we had kept in place the Eisenhower era tax system, the deficit Buffett worries so much about would nearly vanish.