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  • skistriad skistriad Nov 27, 2012 10:02 AM Flag

    Warren Buffett calls for minimum tax rates for millionaires

    Warren Buffett, the legendary investor who changed the debate about U.S. tax reform in 2011 with a call for the rich to pay more, is now calling for minimum tax rates for millionaires.

    In a New York Times editorial printed on Monday, Buffett suggested Congress move immediately to implement minimum taxes of 30% on incomes of US$1-million to US$10-million and 35% 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,” Buffett wrote.

    “Only a minimum tax on very high incomes will prevent the stated tax rate from being eviscerated by these warriors for the wealthy,” he added.

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    • "Billionaire Warren Buffett urged lawmakers to raise taxes on the country’s super-rich to help cut the budget deficit, saying such a move will not hurt investments."

      “My friends and I have been coddled long enough by a billionaire-friendly Congress [republicans ruin most everything lately]. It’s time for our government to get serious about shared sacrifice,” The 80-year-old “Oracle of Omaha” wrote in an opinion article in The New York Times.

    • Good idea, except that the max rates really ought be in the forties, not lower. Unlike President Obama, Buffett doesn't have a mindless bunch of Rs attacking him for the budget deficits created by many years of failed R policies.

      Contrary to the widely discredited flat taxers (Kudlow, Forbes) what this country really needs to reduce the Bush/Republican deficits is a more progressive federal income tax and federal estate tax structure.

      Sentiment: Hold

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