culture, politics, commentary, criticism

Tuesday, July 31, 2007
The rich are not so different after all. As long as they have to live on the same planet as everyone else, they will have to pay their fair share (
Robert Frank in the WSJ):
There’s a growing chorus of rich people making a surprising demand: “Raise our taxes!”

Warren Buffett sounded off last month at a fundraiser for Hillary Clinton, saying the rich should pay a more-fair share of taxes. He said that he surveyed his employees at Berkshire headquarters and found that all of them — down to the secretaries — paid a higher share of their income to taxes in 2006 than he did. And Mr. Buffett is the second-richest man in America. He told the group he uses no tax shelters, employs no tax planner and pays a mere 17.7%.

Now comes an even more passionate argument from Bill Gross, the billionaire bond king at Pimco. In a post on the Pimco site, Mr. Gross says today’s rich didn’t get rich simply through pluck and smarts — they got there by “taking risks with other people’s money” and through “low taxes.” The rich are sailing off into their own world of privilege because “it is in fact society’s wind and its current willingness to nurture the rich that fills their sails.”

Mr. Gross acknowledges that American capitalism and free markets have brought great benefits to society: They have “fostered and encouraged innovation and globalization which are the fundamental building blocks of wealth.” (And he should know, having made a bundle when Pimco was sold to Allianz.) But today’s rich, he says, have gone too far.

Mr. Gross writes that “now is the time, long overdue in fact, to admit that for the rich, for the mega-rich of this country, that enough is never enough, and it is therefore incumbent upon government to rectify today’s imbalances.”
My previous criticism of Robert Frank may have been premature because I have to admit I am enjoying his blog.

Greatest Hits · Alternatives to First Command Financial Planning · First Command, last resort, Part 3 · Part 2 · Part 1 · Stealing $50K from a widow: Wells Real Estate · Leo Wells, REITs and divine wealth · Sex-crazed Red State teenagers · What I hate: a manifesto · Spawn of Darleen Druyun · All-American high school sex party · Why is Ken Lay smiling? · Poppy's Enron birthday party · The Saudi money laundry and the president's uncle · The sentence of Enron's John Forney · The holiness of Neil Bush's marriage · The Silence of Cheney: a poem · South Park Christians · Capitalist against Bush: Warren Buffett · Fastow childen vs. Enron children · Give your prescription money to your old boss · Neil Bush, hard-working matchmaker · Republicans against fetuses and pregnant women · Emboldened Ken Lay · Faith-based jails · Please die for me so I can skip your funeral · A brief illustrated history of the Republican Party · Nancy Victory · Soldiers become accountants · Beware the Merrill Lynch mob · Darleen Druyun's $5.7 billion surprise · First responder funding · Hoovering the country · First Command fifty percent load · Ken Lay and the Atkins diet · Halliburton WMD · Leave no CEO behind · August in Crawford · Elaine Pagels · Profitable slave labor at Halliburton · Tom Hanks + Mujahideen · Sharon & Neilsie Bush · One weekend a month, or eternity · Is the US pumping Iraqi oil to Kuwait? · Cheney's war · Seth Glickenhaus: Capitalist against Bush · Martha's blow job · Mark Belnick: Tyco Catholic nut · Cheney's deferred Halliburton compensation · Jeb sucks sugar cane · Poindexter & LifeLog · American Family Association panic · Riley Bechtel and the crony economy · The Book of Sharon (Bush) · The Art of Enron · Plunder convention · Waiting in Kuwait: Jay Garner · What's an Army private worth? · Barbara Bodine, Queen of Baghdad · Sneaky bastards at Halliburton · Golf course and barbecue military strategy · Enron at large · Recent astroturf · Cracker Chic 2 · No business like war business · Big Brother · Martha Stewart vs. Thomas White · Roger Kimball, disappointed Republican poetry fan · Cheney, Lay, Afghanistan · Terry Lynn Barton, crimes of burning · Feasting at the Cheney trough · Who would Jesus indict? · Return of the Carlyle Group · Duct tape is for little people · GOP and bad medicine · Sears Tower vs Mt Rushmore · Scared Christians · Crooked playing field · John O'Neill: The man who knew · Back to the top

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