At an annual meeting for shareholders of Berkshire Hathaway in Omaha, Nebraska, Warren Buffett, the world’s third richest person said, “When we are asking for shared sacrifice from the American people, I would at least make sure that the people with these huge incomes get taxed at a rate that is commensurate with the rate they got taxed at not long ago.”
That makes a ton of sense. Low tax rates on the rich are job killers. That’s because CEO’s are under more pressure to cut jobs and ship them overseas in order to jack up profits to attract all that excess money. That’s why the Bush tax cuts have been a total disaster. They were the straw that broke our economic back in the USA. You’ll notice job creation since these tax cuts is negative and even worse than that when only private sector job growth is analyzed. This issue is more fully elaborated on in The Rigged Game: Corporate America and a People Betrayed.
Bill Gates and Bono were among the 35,000 people attending this meeting.