Warren Buffett Calls For Minimum Tax On The Wealthy

[highplainsdem]

Source: TPM

In a New York Times op-ed, Warren Buffett calls for a minimum tax on the wealthiest Americans:

Additionally, 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.

-snip-


Read more: http://livewire.talkingpointsmemo.com/entry/warren-buffett-calls-for-minimum-tax-on-wealthy

[Lasher]

1. I suppose this would include passive income like capital gains.

Buffett is a good man.

[JDPriestly]

2. Credit where credit is due.

http://www.nytimes.com/2012/11/26/opinion/buffett-a-minimum-tax-for-the-wealthy.html?ref=opinion

The Buffet op-ed piece. Worth the read.

[Dubster]

3. Spam deleted by gkhouston (MIR Team)

[denverbill]

4. My favorite line:

"In the meantime, maybe you'll run into someone with a terrific investment idea, who won't go forward with it because of the tax he would owe when it succeeds," Buffett said. "Send him my way. Let me unburden him."

[grahamhgreen]

5. A good start.

[mostlyconfused]

6. Long way to go

Applying that tax rate on individual income tax returns today, if I've done my math correctly, would add about $50-60 million in taxable receipts to the government each year, or about 0.004% of the annual budget deficit last year. Let's call it a start in the right direction.

[hrmjustin]

9. Welcome to DU!

[mostlyconfused]

12. thanks!

been around for quite a while....so it's one of those long time reader, first time contributor kinds of things. Happy to be a little more on board.

[marshall]

7. Warren Buffett is an inspiration to all who want to get rich

Work hard, earn your millions, and give back. The American Dream.

[mostlyconfused]

8. Agreed

..he and guys like Bill Gates, who now seems to be much more driven by the work of his foundation than by what Microsoft is doing in the technology world... entrepreneurs and business leaders who feel the need to use their wealth to positively impact the world.

[toby jo]

10. Can we go retroactive on Mitty?

[mostlyconfused]

11. How high should the rates go?

Given my prior comment, that raising the rates to the minimums that Buffett suggests would only raise enough to cover 0.004% of the deficit, the question is this...how high should the rates go, and at what income should they start. We need a meaningful impact on the deficit, not this little stuff.