I put Middle Earth Journal in hiatus in May of 2008 and moved to Newshoggers.
I temporarily reopened Middle Earth Journal when Newshoggers shut it's doors but I was invited to Participate at The Moderate Voice so Middle Earth Journal is once again in hiatus.

Wednesday, June 27, 2007

Buffett speaks blaspheme

I have always thought it must really bother the wealthy Republican aristocrats that the world's third richest man was a Democrat and a populist. To make matters worse he made his billions using the method the aristocratic wealthy prefer - he rubbed money together to make more money. What really must upset them though is when Mr Buffett blasphemously speaks truth to power in public at a fund raiser for the dreaded Hillary at that.
Buffett Slams Tax System Disparities
NEW YORK, June 26 -- Warren E. Buffett was his usual folksy self Tuesday night at a fundraiser for Sen. Hillary Rodham Clinton (D-N.Y.) as he slammed a system that allows the very rich to pay taxes at a lower rate than the middle class.

Buffett cited himself, the third-richest person in the world, as an example. Last year, Buffett said, he was taxed at 17.7 percent on his taxable income of more than $46 million. His receptionist was taxed at about 30 percent.

Buffett said that was despite the fact that he was not trying to avoid paying higher taxes. "I don't have a tax shelter," he said. And he challenged Congress and his audience to see what the people who "clean our offices" are taxed, to loud applause.

A populist tone permeated the 70-minute talk with the billionaire investor and philanthropist in Manhattan on Tuesday night. The talk, given to about 600 Wall Street bankers and money managers, raised at least $1 million for Clinton's presidential campaign, the Associated Press reported.
The Republicans have to hope that Buffett's comments won't get widespread exposure in the MSM because a majority of the American people know they have not benefited from the Bush tax cuts. A majority of the American people know that those tax cuts may have produced jobs but not good jobs in the US. The jobs were created in countries where economic and political conditions make it possible to run sweat shops and increase the bottom line.

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