Warren Buffet wants Millionaires to have a 30% minimum tax. He also calls for a 35% minimum tax on people making over 10 Million dollars. Since most of the extreme wealthy vote for Democrats, I say give them what they want!
(Reuters) – 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 percent on incomes of $1 million to $10 million and 35 percent above that.
“A plain and simple rule like that will block the efforts of lobbyists, lawyers and contribution-hungry legislators to keep the ultra rich paying rates well below those incurred by people with income just a tiny fraction of ours,” Buffett wrote.
I will do Warren Buffet, one better. I propose a 30% tax on all profits made by Hollywood studios. Since they want higher taxes, let’s give it to them. Raising taxes on the rich will not make much of a dent on the deficit. But since they vote for Democrats and want higher taxes, Republicans should not die on a hill for them. Let them practice what they preach.
Tags: Warren Buffett