Warren Buffet Speaks Out For Higher Taxation of the Mega-Wealthy

For all who adhere to the mindless mantra that tax increases are job-killers, I highly recommend a New York Times essay penned by Warren Buffet, one of the world's richest men, in which he advocates tax increases for the mega-wealthy. As the old saying goes, only Nixon could visit Red China, so let's hope Buffet's "Wall-Street cred" invites some serious consideration rather than the usual rabid denunciations of anyone else suggesting such a thing.

It goes without saying that what he advocates is equally applicable to Canada's richest citizens.

An Incisive Analysis Of Broken U.S. Tax Policy

Although readily dismissed as a socialist by the right-wing, Linda McQuiag offers a fine analysis of the failings of U.S. tax policy in an article entitled Tycoons Laughing All the Way to the Bank. In it, she gives the example of hedge fund managers, the top 25 of whom earn an average of almost $900 million per annum, having to pay a mere 15% tax rate on their income. Others earn much more: David Tepper of Appaloosa Management made $4 billion in 2010, on top of the $4 billion he made in 2009, and he'll make about the same this year as well; George Soros made $3.3 billion last year.

Yet even that obvious insult to the working and middle classes is considered sacrosanct by the Tea Party true believers. Yet another instance of failed political leadership.