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Bloomberg Rips Buffett, Urges Tax Boost for All

Calls Warren Buffett's tax comments 'just theatrics'

By Mark Russell, Newser Staff

Posted Sep 26, 2011 4:46 AM CDT

(Newser) – New York Mayor Michael Bloomberg is the latest billionaire to fire back at Warren Buffett's call to raise taxes on America's super-rich, reports the New York Daily News. "The Buffett thing is just theatrics," scoffed Bloomberg on NBC's Meet the Press. "I think that it's more than a sound-bite economic policy, and we should look at what the real data is rather than just go and say one guy pays more than his secretary—or doesn't."

Much of Bloomberg's defense of the rich came from the difficulty of definitions. "You can't define what's the middle class, what is wealthy, what is poor," he said. "Every time you have a jump, people play games to get on one side or another, and I think it's not fair to say that wealthy people don't pay their fair share." Instead, Bloomberg called for a small tax hike of 2% to 3% for all Americans. "For the average person that's $150 bucks. For the wealthy it's a lot of money. But that's the only way you are going to get something through Congress," he said.

Mayor Michael Bloomberg talks taxes. (AP Photo/NBC, William B. Plowman)

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COMMENTS

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Showing 3 of 30 comments

Dave99

Sep 26, 2011 10:19 AM CDT

Bloomberg is scum. Always has been. He said he was only gonna take one term in office and then fought for a second term like his life depended on it. He'll say any crazy thing and he's nothing but bad news for everybody that isn't rich.

Nora_Kit

Sep 26, 2011 9:27 AM CDT

The choke hold on our economy is not that we need stimulous money we need less permits, fines, fees, regulation, taxes and insurance regulations and God help us, lets get rid of that Workmans Comp that every small business has to pay per employee $4,000 to $6,000 a year. Besides stimulous money is targeted and does not help the majority of businesses just big construction with much of its management is foreign.

justapirate

Sep 26, 2011 9:02 AM CDT

I make less then 20k a year at present... I can NOT afford a tax increase thank you very much Mr. Bloomberg!

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If We Took Buffett's Advice, How Much Would It Help?

Quite a bit—but it likely won't happen

(NEWSER) - Warren Buffett made waves yesterday when he told the federal government to stop "coddling" him and other wealthy Americans and raise taxes on the rich. His plan would roll back the Bush tax cuts on people who earn more than $1 million and on capital gains and dividends income, and would close the loophole that allows a lower tax rate for hedge fund managers. But how much would it actually help? Quite a bit, writes David Kocieniewski in the New York Times : "The tax increase on all three fronts would generate as much as $500 billion in new revenue over the next decade." More»

Warren Buffett: Raise My Taxes, Please

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(NEWSER) - Washington keeps talking about “shared sacrifice”—but it's not asking the mega-rich to join in, writes Warren Buffett in the New York Times . “While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks.” It seems that lawmakers “feel compelled to protect us, much as if we were spotted owls or some other endangered species.” The investor offers himself as a case in point: Last year, his taxes amounted to just 17.4% of his taxable income, while everyone else in his office paid an average of 36%. More»

Stephen King: Raise My F***ing Taxes Already

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(NEWSER) - Stephen King is following Warren Buffett's lead with an op-ed begging to be taxed more—though King drops in a few more F-bombs in his very salty appeal. In "Tax Me, for F***'s Sake," the wealthy author offers his views on his fellow one-percenters: "The majority would rather douse their d**ks with lighter fluid, strike a match, and dance around singing 'Disco Inferno' than pay one more cent in taxes to Uncle Sugar." So before Chris Christie again says to shut up and cut a check , don't expect anybody to voluntarily open their wallets, King writes at the Daily Beast : It's time to make them pay up. More»

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Buffett, Secretary on Her Salary: MYOB

Bloggers are missing the point, he says

(NEWSER) - So what does Warren Buffett's secretary make? Neither Buffett nor Debbie Bosanek are spilling, despite a flurry of speculation after her star turn at the State of the Union address. "They can't attack the facts, so they attack the person. It's ridiculous," Buffett tells the Omaha World-Herald . Of her salary, Bosanek would say only, "I feel like I'm treated fairly at Berkshire." A Forbes blogger speculated yesterday, based on Bosanek's 35.8% tax rate, that she must make between $200,000 and $500,000, though other bloggers (including another at Forbes ) almost immediately said his calculation and assumptions were flat-out wrong. More»

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Bloomberg Rips Buffett, Urges Tax Boost for All

Calls Warren Buffett's tax comments 'just theatrics'

OTHER STORIES ON OUR RADAR

taxes • Warren Buffett • Mayor Bloomberg • super rich

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More Newser Stories

If We Took Buffett's Advice, How Much Would It Help?

Quite a bit—but it likely won't happen

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Let's have some real 'shared sacrifice'

Stephen King: Raise My F***ing Taxes Already

The rich aren't going to pay up just to be nice

Obama on Buffett Rule: It's Really the Reagan Rule

President gives speech flanked by millionaires and their secretaries

Buffett, Secretary on Her Salary: MYOB

Bloggers are missing the point, he says

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