More class warfare please
This post initially appeared on Science Blogs
I'm a little behind on TV, so I was catching up on the Daily Show this morning. Last Thursday had one of the best segments I've ever seen (and that bar is pretty high):
The Daily Show - World of Class Warfare - The Poor's Free Ride Is OverGet More: Daily Show Full Episodes,Political Humor & Satire Blog,The Daily Show on Facebook
The impetus for this segment was this op-ed in the New York Times by billionaire Warren Buffet, and the subsequent right-wing freakout. Jon Stewart is perfect - I won't summarize, just watch it. "Socialist" Warren Buffet:
Back in the 1980s and 1990s, tax rates for the rich were far higher, and my percentage rate was in the middle of the pack. According to a theory I sometimes hear, I should have thrown a fit and refused to invest because of the elevated tax rates on capital gains and dividends.
I didn't refuse, nor did others. 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.
It astounds me that we as a nation could even be having this conversation, but if this is class warfare, it's finally a war I can get behind.