Buffett’s call for higher taxes on rich justified

State Hornet Staff

Warren Buffett made the topic of his recent article for the New York Times quite clear with the headline “Stop Coddling the Super-Rich.”

As one of the richest men in the world, Buffett thinks the rich aren’t taxed high enough. I agree.

Part of Buffett’s article included complicated topics like investments and tax codes, but outside of these ideas, his message was clear: tax the rich more.

“My friends and I have been coddled long enough by a billionaire-friendly Congress,” Buffett said.

I’m glad he can see this, but why can’t Congress? Doesn’t it seem logical to tax the rich more than the middle-class or lower-class?

You think it would be common sense.

“Our leaders have asked for ‘shared sacrifice.’ But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched,” Buffett said.

So while the super-rich are making tons of money and being relatively taxed the same as the middle-class and lower-class who make much less money, where’s the real sacrifice?

Not only does this sound ridiculous, but perhaps suggest hints of corruption.

Some lower-class citizens are going through heartbreaking troubles and can’t live a stable, comfortable life while the super-rich are having a grand time making investments and enjoying vacations on the beach.

Buffett is accountable enough to speak out to help the country.

Apparently, Jane Fonda is accountable enough as well. In a recent Newsweek article highlighting Fonda, she argued her sentiments for taxing the rich.

“Obama can’t seem to make people understand that the rich, especially the super-rich, have to be taxed more. I know the super-rich and plenty of them think so too.”

Senior economics major Chris Colburn said while generally taxing the rich sounds like a good idea, in actuality it is not as easy as it sounds.

Simply increasing taxes doesn’t guarantee that the rich will actually pay them.

“There are many forms of taxes, and many loopholes in tax codes,” Colburn said. “Shell companies and financial vehicles allow the rich to store their money in offshore accounts; offshore balances could potentially increase with any increase in taxes.”

One of the ideas that many have to solve the budget crisis is to have a flat tax, where everyone pays the same percentage. But with the ability to dodge paying their fair share, the rich can benefit from a flat tax.

Raising taxes will not help students as much as one would think, said Colburn.

“It won’t affect students, because any increase in revenue that’s generated by the taxes will have to travel through many layers to eventually get to the students,” Colburn said. “Judging by the levels of national and state deficits/debt, it will take a long time before any increased revenues, from the taxes, trickles to schools.”

Our country’s economic troubles go deep, and maybe taxing the rich more will help. 

The population, and particularly students, have something to gain from putting higher taxes on those with more money. 

Whether our government can make necessary changes and open their eyes to what needs to be done, remains to be seen.

At least there are those that feel a need to help this country and its troubles; we can at least be thankful for that.