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.
"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.