Buffet is right — tax the mega-rich

THE suggestion by billionaire Warren Buffet that the “mega-rich” pay more taxes should be taken up in Ireland and, indeed, across the globe.

Ever since the Thatcherism and Reaganism of the 1980s, there has been a steady transfer of wealth to the very rich, which has accelerated in the last few years as hard-working people have taken cuts in income to bail out super-wealthy bankers. Not only is this socially unjust, contributing to the recent riots in England, but it is economic insanity.

Those on low and middle incomes re-invest practically all of their money in their local economy. On the other hand, the mega-rich waste much of their wealth on hoarding, on buying gold, silver and high-end luxury imports or on speculation on the money markets, which is causing so much turmoil in the EU. It is time the Government stopped implementing the failed policies of the last 10 years and adopted the suggestion of Warren Buffet, which has led to economic and social progress in countries such as Denmark and Sweden.