Tuesday, October 11, 2011

Billionaires vote on taxes

The views of a billionaire such as Warren Buffett are often trotted out as proof that a tax increases or some other "worthy" policy is a good idea.  "If even billionaires want to pay more taxes, then it must be a good idea?"

This never strikes the intended chord with me because my first reaction is always "When the heck did we decide that billionaires' opinions matter more than everybody else's?  If billionaires' opinions are superior to mine, then, instead of cherry picking, take a vote of all billionaires and let them decide government policy." 

It turns out that someone did just this, and it turns out that Warren Buffett is in a small minority: Only eight of the Forbes 400 want to pay higher taxes.