One of the world’s richest men — Warren E. Buffett — has been a surprising advocate of “tax the rich” proposals.
In a Nov., 2012, New York Times’ op-ed piece entitled, “A Minimum Tax For the Wealthy,” Buffett stressed the need for higher taxes on the rich. According to Forbes research data, the 400 wealthiest individuals in the United States earned a total of $1.7 trillion in 2012. Buffett argues the rules on tax policy need to be changed to ensure that wealthy help get the United States back on a fiscally sound path. Buffett puts forth viable tax rate changes that can help create a sustainable future without calling for reform of the entire tax code.
Among Buffett’s suggestions:
- Eliminate the Bush tax cuts for high-income taxpayers – cut off around $500,000
- Enact a minimum tax on high incomes – Buffett suggests 30% of taxable income from $1 million to $10 million, and 35% on any amounts greater.
Buffet stresses that such rules changes 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.”