The Business Owner Blog

Higher Tax on Rich Would be Unfair? Unwise?

August 23rd, 2011

While the poor and the middle class fight the wars and struggle to make ends meet, the rich continue to get extraordinary tax breaks.

Many of the mega-rich wouldn’t mind paying more tax. They are being taxed at historically low rates and many of them don’t think they’re paying their fair share. Taxes should be raised on those that earn more than $1 million per year (237,000 people), and raised more still on people making more than $10 million per year (8,300 people).

The oft-cited notions that higher marginal tax rates will discourage the wealthy from investing and hurt the economy are silly. Just look at the 1980s and 90s. Tax rates were much higher and the economy was strong and unemployment was low (and we had a much lower budget deficit).

Congress has coddled the rich for too long.  It’s time shared sacrifice included the mega-rich.

These are not my comments, rather those of Warren Buffett himself in this New York Times article dated August 14, 2011.

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