It's cool when the rich go to war against each other, though of course I'm rooting for the smart one who doesn't hack cell phones of victims' families. The Economist agreed with Buffett that the US tax code needs to be fundamentally reformed by ending most deductions (that mostly benefit the rich) and taxing cap. gains heavier than wages. That way real labor and productivity won't be penalized, but speculation and excessive trading will (that benefits few and may put the entire economy at risk). Can anyone give me a cogent argument why hedge fund managers' compensation (not their own investments, but pay from their firm) deserves to be considered cap. gains? Bush-enomics. It's probably true that taxing the rich won't help our deficit situation much, but it signals a strong message to the market so the dysfunctional incentives structure still widespread in Wall St. and upper America may change.
It's interesting how quickly the rich mobilize their media and political minions the minute anyone of import barely raises the issue of tax hikes. That reveals their defensiveness/awareness of the preferential treatment they're getting, and how they know it's a scam that can't last, no matter how gullible they think we are.
http://www.economist.com/
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