While the debate continues over whether the Bush tax cuts should be extended for all, or maybe for all except the most wealthy, a contribution has come from a man who knows a bit about money.
Warren Buffett, head of Berkshire Hathaway, has pushed back against the idea that the well off should get the tax breaks because they alone can generate the mythical “trickle down” effect. Speaking with ABC’s Christiane Amanpour, Buffett said that “trickle down” “has not worked in the last ten years, and I hope the American public is catching on”.
And Buffett stated directly that he should be paying “a lot more” in taxes. In this he has been joined by one Bill Gates. However, just how this will go down with some on the right will be interesting to see. One cable news channel, I predict, will not be reporting Buffett’s comments without some application of spin, or forthright misrepresentation.