Line of the Day

“Back in the 1980s and 1990s, tax rates for the rich were far higher, and my percentage rate was in the middle of the pack. According to a theory I sometimes hear, I should have thrown a fit and refused to invest because of the elevated tax rates on capital gains and dividends.

“I didn’t refuse, nor did others. I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off.”

– absurdly wealthy investor Warren Buffet, arguing for higher tax rates for himself and his absurdly wealthy friends

His whole op-ed is fantastic. I’d say the image of one of the wealthiest people in the world begging for the government to tax him more should stir up some cognitive dissonance in the minds of the legion conservatives hectoring endlessly on the investment-phobia that would surely result were we to dare taxing wealthy people more, but formal logic isn’t exactly their strong suit these days.

It hasn’t been for a while.