CNBC on-air editor Rick Santelli lashes out against the Buffett Rule.
Most of my "99%"er cohorts agree with Obama's assessment that the top money makers need to be paying more taxes. But what they don't realize is that if all those wealthy patrons of the arts are taxed more, the first thing they will do away with is funding the arts. The economy has already hit the performing arts industry very hard, with losses of many theatres (some major) nationwide. I predict there will be many more going belly up, if the Buffett Rule goes into effect. Most of us are already scrambling to find work to keep up with our insurance, fewer theatres will make it even more difficult to qualify.
Why doesn't Buffett just donate a bunch of his cash to the government to help lower the deficit? But just like all those other 'patriotic millionaires' who called for higher taxes but refused to donate to the treasury department, Buffett would never think of parting with his millions.