If Obama had his way, all Americans—except the über-wealthy—would get to keep their Bush-era tax cuts. But he cut a deal with Republicans that lets the rich keep their cuts, too. The Senate is supposed to vote today on this measure.
Before we get into the pros and cons of the tax deal, let’s stop and reconsider a fundamental assumption—that the rich don’t want their taxes raised. Could the opposite be true?
It is for at least one billionaire, Warren Buffett (shown above with President Obama). In an interview on This Week, he said, “If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further. But I think that people at the high end—people like myself—should be paying a lot more in taxes. We have it better than we’ve ever had it.”
Yes, you read that right: Buffet wants to be taxed more, along with all the super-rich. What do you think of his idea? Do you think other wealthy Americans feel the same way?
Buffett goes even further, saying that the trickle-down theory—the idea that money rich people spend somehow trickles down to the rest of us—is wrong. In fact, he thinks Americans have been duped. Trickle-down, he said, “has not worked the last 10 years, and I hope the American public is catching on.”
Conservatives say that Obama’s wish to let the tax cuts expire for the wealthy is class warfare. But is Buffett declaring war on his own class? Is he a traitor to the super-rich?