|In the matters of money Warren Buffett can identify, better than most, the need for triage: the process of determining the priority of patients' treatments based on the severity of their condition. This shines through in his recent NYT Op-ed, where his advise regarding the U.S. tax code is 'the reform of such complexities should not promote delay in our correcting simple and expensive inequities. We can't let those who want to protect the privileged get away with insisting that we do nothing until we can do everything.'
In his Op-ed Buffet highlights one such expensive inequity, that's simple to correct as follows: 'We need to get rid of arrangements like 'carried interest' that enable income from labor to be magically converted into capital gains. And it's sickening that a Cayman Islands mail drop can be central to tax maneuvering by wealthy individuals and corporations.'