Buffett proposed an immediate increase of taxes on the wealthy. He suggested raising taxes on those who make more than 1 million dollars, including dividends and capital gains. Buffett also proposed an additional increase in taxes for those making 10 million dollars or more. Buffett’s personal income and payroll taxes amounted to nearly seven million dollars last year, however, he only paid 17.4% of his taxable income. Considering this proposal, Buffett targets both the wealthy and the super wealthy. Although his proposal is somewhat conservative, it will likely cause conflict among Republicans who do not want to see raised taxes in a recessed economy.
Buffett points out, the best United States economy and job growth in modern times was in the 1980’s to 1990’s when tax policy was more fairly distributed across wealth lines. Since... [continues]
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