Warren Buffett Joins the Tax-the-Rich Chorus
Noted McDonald’s breakfast enthusiast Warren Buffett is no stranger to the American tax debate. He’s famous for endorsing the “Buffett Rule” that proposes no millionaire should pay a lower effective tax rate than a working person. In a new interview that aired on CNBC on Monday, Buffett again injected himself into the politics of inequality insisting: “The wealthy are definitely under-taxed relative to the general population.”
The 88-year-old’s comments add chum to the tax-the-rich waters. Sen. Bernie Sanders (I-VT) has proposed increasing the estate tax up to 77 percent for billionaires. Sen. Elizabeth Warren (D-MA) has called for an annual wealth tax to be imposed on fortunes greater than $50 million. Rep. Alexandria Ocasio Cortez (D-NY) has called on a 70-percent tax bracket for those with annual incomes in excess of $10 million. All of these policy proposals are a hit with voters, according to recent polling.
Buffett, who is worth more than $80 billion, used his CNBC interview to endorse a redistribution of wealth to counteract an economy that’s rewarding those at the very top. “As we get more specialized, the rich will get richer,” he said. “The question is: How do you take care of a guy who is a wonderful citizen, whose father died in Normandy, and just doesn’t have market skills? I think the income tax credit is the best way to address that.”
Buffett alludes to policies like the Earned-Income Tax Credit, a wage subsidy administered through the federal tax code. Several mainstream Democratic presidential candidates (and those flirting openly with runs) have called for an expansion of the EITC, or a similar mechanism to increase the standard of living for America’s workers.
https://www.rollingstone.com/politics/politics-news/warren-buffett-taxes-800013/
You made Trump soil his Depends again Buffet.
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