Posted by AzBlueMeanie:
Well, Duh! Warren. I have been explaining this for years. The only people who still believe in this nonsense are the cult members of the faith based supply-side "trickle down" economics religion of the GOP – and I suspect many of them question their "faith" in their religio-economic dogma.
GOP Saint Ronnie Reagan's own budget director, David Stockman, recently said "all the Bush tax cuts should be eliminated – even those on the middle class. And he said his own Republican Party has gone too far with its anti-tax religion." Deficits: The Battle Over Taxing The Rich – 60 Minutes – CBS News.
Billionaire Warren Buffett says the Bush tax cuts should be allowed to expire for the richest Americans and that the "trickle down" economic theory hasn't worked. Warren Buffett: 'Trickle Down' Theory Hasn't Worked:
"If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further," Buffett told ABC News in an interview set to air later this week. "But I think that people at the high end — people like myself — should be paying a lot more in taxes. We have it better than we've ever had it."
"The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on," Buffett said in the clip from ABC News' "This Week with Christiane Amanpour."
UPDATE: Forty-seven millionaires pulled together by the Agenda Project are asking Barack Obama to allow the expiration of tax cuts George W. Bush gave them and anyone earning more than $1 million a year. Their web site, Patriotic Millionaires for Fiscal Strength, includes a letter and a place where other millionaires can sign. Forty-seven. It's a start – around 1/100th of a percent of the total number of Americans whose income was $1 million or more last year. H/t Daily Kos.