Must Read of the Day

I’m 3 days into my carpal tunnel surgery recovery and I am typing a bit now with the left hand (and I know I need to not do that).

Post surgery recovery aside, I wanted to post about this must read of the day from Warren Buffet on the deficit, tax cuts for the mega wealthy and what the Super Committee needs to do to begin financial recovery for our nation:

Twelve members of Congress will soon take on the crucial job of rearranging our country’s finances. They’ve been instructed to devise a plan that reduces the 10-year deficit by at least $1.5 trillion. It’s vital, however, that they achieve far more than that. Americans are rapidly losing faith in the ability of Congress to deal with our country’s fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness. That feeling can create its own reality.

Job one for the 12 is to pare down some future promises that even a rich America can’t fulfill. Big money must be saved here. The 12 should then turn to the issue of revenues. I would leave rates for 99.7 percent of taxpayers unchanged and continue the current 2-percentage-point reduction in the employee contribution to the payroll tax. This cut helps the poor and the middle class, who need every break they can get.

But for those making more than $1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.

My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.

Buffet has argued for sometome not about raising taxes for the rich… why the Republican members of Congress don’t heed his advice is beyond me.

President Obama took the opportunity to note Buffett’s OP/ED today at a town hall in rural Minnesota saying that Buffet “is right on the money.” Mitt Romney in New Hampshire today, wrongly said it “would hurt businesses.”

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