Warren Buffet Calls On Lawmakers To Raise Taxes

by Howard K. Smith on July 21, 2011

Higher Taxes for US CitizensMany rich and the super-rich are apparently irked when the multi-billionaire and investor, Warren Buffet, called on lawmakers to raise taxes on the rich in American society, including on himself, in a bid to salvage the nation’s huge budget deficit. He assured that while such move would help the economy in these trying times, it will not affect employment investment rates across board. Many would be quick to point out that Buffet was being selfish and egoistic because he is massively rich, but such would be short-sighted to entertain such notion, because Mr. Buffet will also pay heavily in taxes if lawmakers go by his advice.

Many people have chided the multi billionaire that he has no right to advice the government or make such comments; others are of the opinion that the elder statesman was right, given his business acumen and ability to make projections with uncanny accuracy and correctness. The New York Times on Monday had carried this opinion piece by Buffet and it has continued to generate debates among analysts, public office holders and businessmen alike. And depending on how lawmakers concede the issue, it might turn out to be the very ‘bail out’ the government needs to stave off the current huge budget deficit bedeviling the America economy, and position her back to her vibrant status in the comity of prosperous nations.

In a related move, Buffet has laid to rest the speculation of who to succeed him in the event of any eventuality. Many people had often asked Buffet to name his successor who will head his $372 billion Berkshire Hathaway investment house, and while the mega billionaire had dallied and kept everyone under suspense for a long time, the octogenarian has now stated with all clarity two days ago on the PBS Charlie Rose show that the choice of his successor had been agreed upon by his company’s board of directors.

Although Buffet came short to mentioning a name, he stated that “if I die tonight, tomorrow morning it won’t take the board an hour to have announced my successor.” And many have applauded his canny ability to put his house in order in case some eventual events overtake him. Though Buffet’s retirement or death will be a big loss to the American business climate and economy, he has assured the public without as much with words that his stepping aside will not bring any significant threat to his business organization or the American economy.

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