Warren Buffett has been accused by conservatives of waging "class warfare" and using "intellectual tax dodges" with his "Stop Coddling the Super-Rich" call for higher tax rates on incomes over a million dollars a year.
The Wall Street Journal's editorial board attacks him for trying to pull a "middle-class bait-and-switch" by advocating higher taxes "only on the rich" while:
"... somehow he ignores that (President Obama's) tax increase starts at $200,000 for individuals and $250,000 for couples. Mr. Obama ought to call them 'thousandaires,' but that probably doesn't poll as well."
The Journal contends Obama "needs to levy his tax increase at such a lower income level because that's where the money is." That is, there aren't enough taxpayers with million dollar-plus incomes to generate significant revenue.
On Fox Business, host Eric Bolling suggested Buffett is "completely a socialist" and argued it's not "fair" that "forty-seven percent of Americans are paying zero" in taxes.
Last night on Comedy Central, the Daily Show's Jon Stewart came to Buffett's defense, countering the arguments that a tax on the rich would "only" generate $700 billion over 10 years, and that America's "poor" aren't paying their "fair share."
It's in two parts:
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