Originally posted by Auto-X Fil:
Alarmist BS.

This one is much better:

http://www.cnn.com/2005/US/05/10/buffett/index.html



Yeah, Dobbs did a great interview with Buffett. Here are some of my favorite parts:

BUFFETT: I personally would increase the taxable base above the present $90,000. I pay very little in the way of Social Security taxes because I make a lot more than $90,000. And the people in my office pay the full tax.

DOBBS: That's a progressive idea. In other words, the rich people would pay more?

BUFFETT: Yeah. The rich people are doing so well in this country. I mean, we never had it so good.

DOBBS: What a radical idea.

BUFFETT: It's class warfare, my class is winning, but they shouldn't be.

DOBBS: Exactly. Your class, as you put it, is winning on estate taxes, which I know you are opposed to. I don't know how your son Howard feels about that. I know you are opposed to it.

At the same week the House passed the estate tax, Congress passed the bankruptcy legislation, which they had the temerity to call bankruptcy reform, Democrats and Republicans passing this legislation, which is onerous to the middle class. Half of the bankruptcies in this country take place, because people fall ill, serious illnesses result in bankruptcy. Nearly half of the people involved. How do you -- you have watched a lot of politics. What is going on in this country?

BUFFETT: The rich are winning. Just take the estate tax, less than 2 percent of all estates pay any tax. A couple million people die every year, 40,000 or so estates get taxed.

We raise, what, $30 billion from the estate tax. And, you know, I would like to hear the congressman say where they are going to get the $30 billion from if they don't get it from the estate tax. It's nice to say, you know, wipe out this tax, but we're running a huge deficit, so who does the $30 billion come from?

. . .

DOBBS: Yet we hear the Business Roundtable, the U.S. Chamber of Commerce, whining that it's so onerous, so difficult to obey the [Sarbanes-Oxley] law and to meet these regulations. What's your reaction?

BUFFETT: Well, right now corporate profits as a percentage of GDP in this country are right at the high. Corporate taxes as a percentage of total taxes raised are very close to the low.