Best New York TImes Op-Ed EVER, and by Warren Buffett

Stop Coddling the Super-Rich. Read it. NOW.

Billionaire Warren Buffet has called out the tea bagger house and the rest of the recalcitrant, Grover Norquist-observant republican party, to effect fair tax rates, so that for the first time in decades, the super rich will pay their fair share of the revenue needed to keep America alive and prosperous in the 21st Century:

“While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. …

“These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.

…

“Since 1992, the I.R.S. has compiled data from the returns of the 400 Americans reporting the largest income. In 1992, the top 400 had aggregate taxable income of $16.9 billion and paid federal taxes of 29.2 percent on that sum. In 2008, the aggregate income of the highest 400 had soared to $90.9 billion — a staggering $227.4 million on average — but the rate paid had fallen to 21.5 percent.

…

“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.”

Sounds a lot like what I wrote on July 19 about tax rates for the super-rich (“Prosperity COULD Be Around the Corner”)  but Warren Buffet saying it should carry a little bit more weight. It should, but it won’t. Norquist and the teabaggers won’t listen. They don’t care about what is good for the US; they don’t care about what the citizens of this country desperately need. They ONLY care about their net income.