Warren Buffet, French Billionaires, & Sinn Féin all agree… wait… what?

  • Yahoo! Finance: Daily TickerBuffett Blasts Low Taxes On Billionaires, Says Congress Must Stop Coddling Them: The most respected investor and capitalist on the planet, Warren Buffett, took to the pages of the New York Times this morning to bust a myth that has dominated political discourse in recent months:

    The idea that raising taxes on super-rich people would hurt the economy.

    Buffett observes that his own personal taxes as a percent of his income have plummeted in the past decade, to all-time lows. He observes, as he has before, that he pays a much lower tax rate than his secretary. He calls out the absurdity of hedge-fund managers and other professional investors playing “long-term capital gains” rates on short-term trading profits.

    And then he takes aim at the biggest rationale for preserving these astonishing tax breaks: The claim that, if taxes on deca-millionaire and billionaires were increased, these super-rich Americans would stop investing, thus clobbering the economy and hurting job growth…

  • Warren E. Buffet / New York Times – Stop Coddling the Super-Rich: I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation.
  • Yahoo! Finance: Daily TickerSacre Bleu! Wealthy French Push for Higher Taxes, Warren Buffett Smiles: The top income tax rate in France is 40% and French citizens pay a 19.6% VAT sales tax, yet some of the country’s wealthiest individuals say they want to pay more.

    “At a time when the government is asking everyone to show solidarity, we feel we must contribute,” 16 of the nation’s wealthiest individuals declared in an open letter published on the website of weekly magazine Le Nouvel Observateur.

    The signatories included L’Oreal heiress Liliane Bettencourt, Total’s Chief Executive Christophe de Margerie, Societe Generale’s CEO Frédéric Oudéa and Maurice Lévy, chairman Publicis, The WSJ reports.

    Unlike Warren Buffett, who’s called for an overhaul of the U.S. tax code to make it more progressive, the les riches of France are only volunteering for a one-time special tax — and a “reasonable” one at that…

  • The Wall Street JournalWealthy French Push for Extra Tax on Rich
    As Sarkozy Seeks to Plug Holes in Budget, Heirs and CEOs Say in Open Letter That ‘We Feel We Must Contribute’
    : PARIS—France’s richest woman, who recently ran into trouble for allegedly evading taxes, said Tuesday she wished to stand by her country as it is going through hardships, urging the government to create a one-time levy on the nation’s most well-off taxpayers.

    In a call that echoes a recent message to fellow billionaires issued by U.S. tycoon Warren Buffett, Liliane Bettencourt, along with 15 other wealthy individuals, made the unusual plea for a special though “reasonable” tax…

  • Le Nouvel ObservateurEXCLUSIF. L’appel de très riches Français : “Taxez-nous !” [Google Translation]: “We, the presidents or CEOs, men or women in business, financial, professional or wealthy citizens, want the establishment of an” exceptional contribution “that French taxpayers would receive the most favored. This contribution would be calculated in reasonable proportions, in order to avoid adverse economic effects such as capital flight and increased tax evasion.

    We are aware that they have fully benefited from a French model and a European environment which we are committed and we want to help preserve. This contribution is not a solution in itself: it must be part of a broader effort to reform, both in the expenses on revenue.

    By the time the fiscal deficit and the prospects of worsening government debt threatens the future of France and Europe, when the government asks all an effort of solidarity, it seems required to contribute. “

  • Wexford Sinn Féin NewsIf the wealthy can pay in France, then why not here?: Mmm…I wonder if any of the many Irish multi millionaires who made their money from the incredible conditions that existed during the Fianna Fail/Celtic Tiger/Golden circle epoch will sign a similar petition acknowledging the benefits they had from living in the Ireland of that era and agreeing to pay their fair share back now to avoid further damage to our economy through reckless government austerity measures against ordinary citizens?

    In Ireland today, 1% of the population own 34% of the wealth. These powerful individuals take full advantage of tax breaks to stay very wealthy. At no time during this economic crisis have they been singled out for austerity, unlike the ordinary people of Ireland. 51% of the population earn less than €34,000 per annum. These are the people who have been targeted with the Universal Social Charge, wage cuts, cuts to benefits, loss of public services and the promise of further austerity in the shape of ill advised property and water taxes.

    According to our government and media, any attempts to make the wealthy accountable for this recession will lead to a mass flight of capital out of the country.

    In France today there already exists a wealth tax. It is globally based and accepted as a necessity. It has not led to a flight of capital. In France the wealthy pay between 0.5% and 1.8% on assets above $1.1 million. Now they will face further increases in taxes.

    It is plain to see that our government are hoodwinking the people of Ireland into thinking that a wealth tax is an impossibility when clearly it is not only possible but necessary.

This entry was posted in Accountability, Austerity / Cutbacks, Budget, ECB/IMF, Economy, EU, Ideology, ireland, Local News, Quotable Quotes, Save Our Services, Solutions, Taxation, USA / America and tagged , , , , , , , . Bookmark the permalink.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s