Warren Buffet, one of the top richest man in the world has yet again earned Republican ire by commenting on economic fairness, by charging a higher tax for rich people like himself, presidential candidate Mitt Romney, and others in the 1% in American society who yet own a substantial amount of the economic pie for the entire country.
Republicans accuse Buffet of being a socialist, which is ironic as he is one of the richest people in the world. Last i checked he was ranked #1 richest, although i’m not sure about his latest current rankings as of now. I think it really hits a nerve with the Republicans because Buffet is essentially one of their own, and yet he proposes that he and others like him are unfairly hogging all the economic pie of the entire country of America with the help of low tax rates for the rich.
It’s funny how Republicans retorted back to his opinion by saying something like, “well, what is stopping you? Feel free to make a donation.”
The thing is, he already made a commitment to donate a substantial amount of his wealth upon his death to various charities. But even then Buffet doesn’t hold anything against Mitt Romney and others who do not choose to self penalize themselves by donating their excess to charity or in other words, self tax. Because like he said, it’s up to the government to set the taxation policies for society, which revenue will then in turn be used to finance the development of the country as a whole. Stuff like better health care, education, transportation and other public projects that require the government to spearhead for the betterment of all.
Despite his mass amounts of wealth, Buffet doesn’t live such a flashy life style. He doesn’t spend on extravagance, although i don’t doubt he treats himself now and then, and what would be wrong with that ? He has such a big heart, and many people consider him to be very level headed and a decent guy who has class by not being extravagant like rich spoiled people such as Paris Hilton.
Personally i am all for economic fairness by redistributing excess back to low and middle income people in society. I don’t believe everybody who are poor are leeches, although i do admit some people enjoy living on welfare instead of working toward earning a living by choice. As a working citizen, i don’t do anything exciting or financially rewarding, but it’s something i feel that i’m contributing towards society in greasing the wheels and making things run.
The way i see things, it isn’t a matter of you having more than i, it’s more about social fairness. People have to do jobs they may not necessarily enjoy, in order to make a living. Without the work of poor and middle income groups, there would be no rich people, as who would wash their dishes ? Milk their cows ? Grow their crops ? Mow their lawn ? Manufacture their electronics goods, or mine those precious minerals in the ground for them ?
As such …. taxation should be the means as to how wealth is redistributed in an economy back from the rich, to the poor and middle income groups who do all the menial and boring work to keep the economic wheels turning. This money can be used to improve the things i mentioned earlier, as well as helping poor people to get back on their feet to get them back into the workforce and be independent again. I don’t suggest we provide 24/7 welfare for the rest of their lives without them putting any effort at all.
My suggestion is more like providing training to do work, maybe apprenticeships by doing hands on work to learn on the job, and doing classes for theory behind the subject regarding their work area e.g. building a piano etc….. Tax revenue could go toward these sorts of life improvements, and then everybody is healthy, independent, and happy.
Well …. at least a roof over their heads and some pride that they aren’t trashes of society kicked to the side with no hope in sight because there is nobody to support them because the government has no money to fund these social projects because the top 1% aren’t being taxed fairly enough, and are hogging a large chunk of the economic pie :/
Anyways thats all i have to say about that. If you want to read more about the original Warren Buffet article, you can click on the link in the source below.