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Warren Buffett: Stop coddling the Super-Rich

Posted on 17 August 2011

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Warren Buffett is an American businessman and philanthropist well known by all the world Bridge players – also he’s sponsor of the America vs Europa Buffett Cup. On August 15th he published an article in New York Times: the taxes, he said, in America are much higher for the workers of the poor and middle class than for the super-rich investor managers. Read here the article: “Stop coddling the Super-Rich”.

Buffett pays over six  millions of dollars – he himself wrote – but in percentage it’s only 17,4, whereas any of his employed goes to pay 33 to 41% of his proceeds. In Italy the article has been translated by “La Repubblica”, the most important newspaper, and published today in first page (in Italy the newspaper didn’t exit yesterday).

In the article, also, Warren Buffett writes that there is a straight relation between the lowering of taxes, in the last decade, and the loss of job: before, in eighties and nineties, the tax rate on capital gain was high and 40 million jobs were added. The article gave rise many comments, some ironic; but nobody until now contested the numbers.

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Paolo Enrico Garrisi

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2 Responses to “Warren Buffett: Stop coddling the Super-Rich”

  1. Lars R. Sweden says:

    What does this article have to do with bridge?

  2. Paolo Enrico Garrisi says:

    Dear Lars,
    Your question is by no means useless: I myself asked the same before to publish, but the hindsight now tells me that it was right to report.
    Warren Buffet is a leading personality in the world of bridge: people like him give opportunity to great players to express their craft at high level. Also he is a very important businessman: Barack Obama quotes him.
    Buffet wrote that American political economy of the last decade is wrong: low taxes on capital gain led to unemployment, he says. These words are of utmost importance: from the New York Times, the article spread over the world. In Italy, “La Repubblica” has translated the entire article and columnists of all newspapers are yet reporting synopses of it and comments of politics, economists and great industries’ chiefs: last but not least, Luca Cordero di Montezemolo, past President of FIAT, agrees with him.
    Buffett’s words, in my opinion, were worth a comment in Neapolitan Club – and everywhere – even regardless the link between the man and bridge; but, of course, that link helped me to do it.
    Thanks for your attention
    Paolo


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