Tuesday, November 27, 2012

Buffet for a Minimum Tax for the Wealthy

Warren Buffet calls for a minimum tax for the wealthy.  In his experience, taxation levels have never entered in to investment decisions.
...we need Congress, right now, to enact a minimum tax on high incomes. I would suggest 30 percent of taxable income between $1 million and $10 million, and 35 percent on amounts above that. A plain and simple rule like that will block the efforts of lobbyists, lawyers and contribution-hungry legislators to keep the ultrarich paying rates well below those incurred by people with income just a tiny fraction of ours. Only a minimum tax on very high incomes will prevent the stated tax rate from being eviscerated by these warriors for the wealthy.

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