26 Nov Warren Buffett’s Same Ole Tune
For those unfamiliar with billionaire investor Warren Buffett, one would think they heard wrong when he again argued to raise taxes on the wealthiest Americans, subsequently himself, but this is the same tune Mr. Buffet has been singing for a long time now.
In a New York Times op-ed, Buffett proposes a minimum tax of 30 percent on income of $1 million to $10 million and of 35 percent on income above that. That’s a variation of what President Obama deemed the “Buffett Rule,” which was meant to ensure that millionaires and billionaires paid higher tax rates than their administrative assistants.
Mr. Buffet also argued that the Bush tax cuts should apply for incomes above $500,000 a year, contrary to the Presidents call to expire tax cuts for those with incomes above $250,000 a year. With the tax cuts expiration coming close, the middle class are the most affected by President Obama ’s decision.