Warren Buffet Wants Higher Tax Rates For Wealthy
By: Big 2 News Staff
Updated: November 27, 2012
Billionaire Warren Buffett wants the so-called "Buffett Rule" to have more
teeth.
In an op-ed column in Monday's New York Times, Buffett says high-income individuals need to pay more taxes.
He's pushing for a 30% tax rate for those making between one and ten million dollars, and 35% for those making more than that.
President Obama's "millionaire tax" would keep the tax rate at 30% for anyone making more than a million dollars.
Buffett says he doubts that more taxes on the rich would do anything to slow growth or job creation.
Many wealthy taxpayers pay less taxes from their income, because much of it comes from capital gains or interest, which carry a lower tax rate.
In an op-ed column in Monday's New York Times, Buffett says high-income individuals need to pay more taxes.
He's pushing for a 30% tax rate for those making between one and ten million dollars, and 35% for those making more than that.
President Obama's "millionaire tax" would keep the tax rate at 30% for anyone making more than a million dollars.
Buffett says he doubts that more taxes on the rich would do anything to slow growth or job creation.
Many wealthy taxpayers pay less taxes from their income, because much of it comes from capital gains or interest, which carry a lower tax rate.
