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Mon Nov 26, 2012, 09:48 AM

Warren Buffett Calls For Minimum Tax On The Wealthy

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

12 replies, 2195 views

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Arrow 12 replies Author Time Post
Reply Warren Buffett Calls For Minimum Tax On The Wealthy (Original post)
highplainsdem Nov 2012 OP
Lasher Nov 2012 #1
JDPriestly Nov 2012 #2
Dubster Nov 2012 #3
denverbill Nov 2012 #4
grahamhgreen Nov 2012 #5
mostlyconfused Nov 2012 #6
hrmjustin Nov 2012 #9
mostlyconfused Nov 2012 #12
marshall Nov 2012 #7
mostlyconfused Nov 2012 #8
toby jo Nov 2012 #10
mostlyconfused Nov 2012 #11

Response to highplainsdem (Original post)

Mon Nov 26, 2012, 09:56 AM

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

Buffett is a good man.

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Response to highplainsdem (Original post)

Mon Nov 26, 2012, 11:16 AM

2. Credit where credit is due.

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Response to highplainsdem (Original post)

Mon Nov 26, 2012, 11:22 AM

3. Spam deleted by gkhouston (MIR Team)

 

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Response to highplainsdem (Original post)

Mon Nov 26, 2012, 11:38 AM

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."

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Response to highplainsdem (Original post)

Mon Nov 26, 2012, 01:04 PM

5. A good start.

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Response to highplainsdem (Original post)

Mon Nov 26, 2012, 01:06 PM

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.

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Response to mostlyconfused (Reply #6)

Mon Nov 26, 2012, 08:37 PM

9. Welcome to DU!

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Response to hrmjustin (Reply #9)

Mon Nov 26, 2012, 09:52 PM

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.

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Response to highplainsdem (Original post)

Mon Nov 26, 2012, 02:17 PM

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

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

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Response to marshall (Reply #7)

Mon Nov 26, 2012, 02:56 PM

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.

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Response to highplainsdem (Original post)

Mon Nov 26, 2012, 09:32 PM

10. Can we go retroactive on Mitty?

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Response to highplainsdem (Original post)

Mon Nov 26, 2012, 09:47 PM

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.

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