Warren Buffett wants to pay more taxes. ”My [mega-rich] friends and I have been coddled long enough by a billionaire-friendly Congress,” he writes in the New York Times.
The multi-billionaire investor is right that if those whose income derives mostly from investments were to pay taxes at a rate comparable to what the average working Jane sees deducted from her paycheck every week, we’d have a more equitable revenue system and Uncle Sam a fatter wallet.
But Warren. Come now. Think about what that would really mean. If you and your buddies ponied up your “fair share,” wouldn’t it just put more money in the federal coffers for waging off-the-books wars and bailing out corporations that screwed up and should – according to the precepts of capitalism by which you yourself made your gazillions – just fail?
What I’d like to see is a debate between you and Ron Paul, the partially-softened libertarian hero who came in a very close second to “family-values” mega-mama Michele Bachmann at Saturday’s Republican Straw Poll in Iowa. Paul is, by trade, an ob/gyn. So his method of solving the nation’s woes is to bring thousands of new taxpayers into the world, but then ask them not what they can do for their country.
Sounds just as plausible as your plan, Warren! Let the debate begin.