Edward Conard was a partner at Bain Capital LLC from 1993 to 2007. He is the author of “Unintended Consequences: Why Everything You’ve Been Told About the Economy Is Wrong.” The opinions expressed are his own.
Conard: Buffett Is Wrong About Taxes
December 5, 2012
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Comments
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No doubt what remains of America's middle class will appreciate the heartwarming defense against higher taxes on the very wealthiest among us... They're still waiting for supply side economics to rain prosperity on the lower rungs of society. And Merry Christmas to you, too, Mr Conard.
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One more thing. Implicit in this article is the assumption that private investment is always superior to public investment. So who exactly was it that invented the internet, or the GPS system that now serves the world, or developed many of the medical breakthroughs that benefit everyone, or built the interstate highway system, etc. etc.? Without public investment I dare say that many of the private enterprises Mr Conard and his mentor Mitt Romney got wealthy from would not have even been possible. We shortchange our public investment at the expense of much future progress, only to line the pockets of the super wealthy even more.
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Clearly a self serving example of precisely what he accuses Buffet of, viz., confirmation bias. Perhaps the rich should therefore pay no taxes at all since we would all enjoy such a great benefit? These agruments should not be framed by absolutes and all unconditional people should be avoided.
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Mr. Conard failed to explain one thing, namely, if lower taxes for the wealthy leads to more prosperity & higher growth THEN WHAT HAPPENED TO THE 1ST DECADE OF THIS CENTURY WHEN TAXES ON THE WEALTHY WERE THE LOWEST THEY HAVE BEEN IN HALF A CENTURY? It appears to me like his fiscal model has been tried for the better part of 2 decades with the 2 Bushes & Reagan, and it just doesn't deliver as promised, other than for the wealthiest of course.