Warren Buffett Calls For Minimum Tax On The Wealthy

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.

The billionaire chairman and CEO of Berkshire Hathaway has long been a supporter of President Obama’s call to raise taxes on the wealthy.

 

 

ABOUT THE AUTHOR

David Taintor is a news editor at Talking Points Memo. Previously, he worked at NBC News and Adweek. He's a native of Minnesota. Reach him at taintor@talkingpointsmemo.com.
LIKE US ON FACEBOOK