Uploaded on Oct 5, 2011
An Occupy Wall Street protester calls out Russell Simmons during his speech, asking Simmons about the credit card company he created, RushCard ( http://www.rushcard.com/ ). Simmons responded saying "I don't run shit," which of course is a lie. He then went on to promote the Obama Administration's "Buffett Tax Rule" Bill, saying "I'm ready to pay more taxes"; a common theme from high profile people speaking at Occupy Wall Street and the Democratic MSM talking heads covering it.
Now the Occupy Wall Street protesters are campaigning for the Obama administration to "Pass the Buffett Rule on Fair Taxation." This demand is posted on their own website. The campaigners are demanding that the US Congress pass a bill backed by the Obama administration, which is comprised of Wall Street operatives and is a creature of Wall Street.
The "Buffett Tax Rule" will do virtually nothing to make the 'filthy rich pay their share' -- it will only raise taxes for middle class Americans and middle class businesses.
As the Wall Street Journal reports, "Roughly 90% of the tax filers who would pay more under Mr. Obama's plan aren't millionaires, and 99.99% aren't billionaires." It is the middle class -- not Warren Buffett or Wall Street corporations -- who will be most hurt by the very policies the 'Occupy Wall Street' crowd are calling for.
Warren Buffett's Berkshire Hathaway still owes taxes from 10 years ago. Buffet is the ultimate Wall Street insider -- he is the third wealthiest person on the planet. Buffet avoids billions in taxes because most of his interests are based offshore. Indeed, most top corporations pay virtually no income tax, not because of any law that isn't in place, but because they have parked most of their wealth in offshore tax havens.
Buffett, aided by the Occupy Wall Street protesters who amplify his message, is volunteering the middle class, not himself, for a tax increase, that's why the Wall Street-owned Obama administration is fully on board with the idea.
"No differences exist between the Obama administration and billionaire investor Warren Buffett on the principles of a White House tax proposal that bears his name, Jay Carney, President Barack Obama's spokesman," told Bloomberg.
The Buffett tax plan is also being backed by multi-billionaire Microsoft honcho Bill Gates, who like Buffett advocates a proposal that would hit the middle class with tax hikes while his own company avoids paying billions in taxes through its offshore subsidiaries.
The protesters are also demanding the passage of the Tobin Tax, which is a tax on all financial transactions. Again, this will simply be passed on to consumers by large corporations, it will not touch Wall Street. The Tobin Tax will only hurt the poor and middle class and will do nothing to reign in the multinationals.
None of this is to say that the thousands of Occupy Wall Street protesters aren't genuine activists who are trying to be a force for positive change. The problem is that their self-appointed leaders are completely in league with the very Wall Street interests the protesters are supposedly there to oppose.
Related Link: Warren Buffett's Tax Dodge http://online.wsj.com/article/SB10001...