Warren Buffet Says Trickle Down Economics Hasn't Worked
Link from TPM.
Billionaire Warren Buffett said that the Bush tax cuts should be allowed to expire for the richest Americans and that the "trickle down" economic theory hasn't worked.
"If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further," Buffett told ABC News in an interview set to air later this week. "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."
"The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on," Buffett said in the clip from ABC News' "This Week with Christiane Amanpour."
And these millionaires are begging President Obama to NOT extend their tax cuts. Mr. President, are you listening? Take a few of these rich guys on the road with you or on a couple of cable shows if you need to crush the GOP message and highlight your own focus on the middle class. It's a winning strategy-trust Izzy!
Dozens of America's wealthiest taxpayers -- including hedge fund legend Michael Steinhardt, super trial lawyer Guy Saperstein, and Ben Cohen of Ben & Jerry's fame -- have appealed to President Obama not to renew the Bush tax cuts for anyone earning more than $1 million a year. Calling themselves "Patriotic Millionaires for Fiscal Strength," the 40-plus signers today launched a website and a campaign that they hope will draw support from others who agree that fiscal responsibility should begin with those who can best afford it -- as their letter to Obama explains:
We are writing to urge you to stand firm against those who would put politics ahead of their country.
For the fiscal health of our nation and the well-being of our fellow citizens, we ask that you allow tax cuts on incomes over $1,000,000 to expire at the end of this year as scheduled.
We make this request as loyal citizens who now or in the past earned an income of $1,000,000 per year or more.
We have done very well over the last several years. Now, during our nation's moment of need, we are eager to do our fair share. We don't need more tax cuts, and we understand that cutting our taxes will increase the deficit and the debt burden carried by other taxpayers. The country needs to meet its financial obligations in a just and responsible way.
Letting tax cuts for incomes over $1,000,000 expire, is an important step in that direction.
The Patriotic Millionaires campaign, pulled together quickly by the Agenda Project in New York City, just happens to appear on the same day as a new study from the Center for Responsive Politics revealing that half of the members of the House and the Senate are millionaires. That contrasts sharply with the general population, of whom fewer than 1 percent can claim millionaire status.