Reply #36: Buffett urges HIGHER corporate taxes too, how come ? [View All]

[EVDebs]

Warren Buffett Urges Higher Corporate Taxes
http://www.commondreams.org/headlines04/0306-01.htm

"Corporate income taxes in fiscal 2003 accounted for 7.4% of all federal tax receipts, down from a post-war peak of 32% in 1952. With one exception (1983), last year’s percentage is the lowest recorded since data was first published in 1934. Even so, tax breaks for corporations (and their investors, particularly large ones) were a major part of the Administration’s 2002 and 2003 initiatives. If class warfare is being waged in America, my class is clearly winning."

With the richest 1% (those individuals and companies making more than $3 million/yr) able to hide or avoid taxes entirely, Joe Sixpack on his declining wage is forced to make up the difference.

With wealth consolidation in our top-heavy society, it is wishful thinking that the world's 'designated consumer'--the US consumer-- is now being asked to start saving money !

If globalizing corporations and the super-rich would only pay more into the tax system maybe, just maybe, the US would be able to do the things this advisor to Gov Schwarenegger in CA wants us to do. As it is we are where Louis Brandeis said we'd be: "You can have great wealth or a democracy, but you cannot have both".

Kevin Phillip's "Wealth and Democracy" shows us what happens to societies with excessive concentrations of wealth...and it's not pretty.