11 Jan Class Warfare and the Buffett Rule
Writing in the Wall Street Journal, Dr. Laffer takes aim at class warfare rhetoric and proposals to raise taxes on the rich, explaining why such tax increases never raise the revenue or achieve the social justice that their advocates promise. In particular, Dr. Laffer focuses on Berkshire Hathaway CEO Warren Buffett’s famous calls for Washington to raise taxes on the rich and illustrates the hypocrisy and danger of this argument.
“The political season has barely begun, and yet we already know that class warfare will be President Obama’s key issue in the 2012 general election. It’s even reared its ugly head in the Republican primaries, with the candidates trying to paint front-runner Mitt Romney as a cold-hearted capitalist and Rick Santorum proposing targeted tax breaks for the “working class” manufacturing sector.”