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Berkshire Hathaway Inc. Message Board

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  • naomifrances naomifrances Dec 3, 2012 10:12 AM Flag

    Buffett wants higher taxes!

    Here's an idea where socially liberal dems can pay more -- it's a sin to tax labor...

    "Economist Daniel Altman is proposing something completely different on the tax front --- a system that taxes wealth rather than revenue. It's not intended to raise more revenues but rather to reduce inequality which, he says, threatens growth.

    He proposes to replace income, capital gains, estate and gift taxes with a progressive wealth tax that "would do much more to reduce [wealth inequality] than any other tax plan being considered in Washington," according to his recent New York Times op-ed.
    Altman's plan would exempt the first $500,000 of wealth from taxes, which he says would affect about 80% of households (these individuals would continue to pay payroll taxes for Social Security and Medicare). The next $500,000 of wealth would be taxed at about 1% followed by a 2% tax on assets valued above $1 million. That's enough to replace all the money collected from taxes on income, capital gains, dividends, estates and gifts, says Altman."

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    • Watch and see how all the rich, fat, liberals in Congress switch sides on this one.... Kerry, Kohl eand the rest of the democrats in congress willing to spend other peoples INCOMES will now have to kick in some of their own NET WORTH.

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