Buffet Wants to Raise Taxes on “People Like Me”
As both parties work on plans to handle the U.S. budget deficit, changing our nation’s tax structure must be a key priority. Investment guru and billionaire Warren Buffet feels that taxes need to be raised on “people like me” to help make up the difference.
Many of America’s wealthiest individuals derive most of their income from long-term capital gains, which only has a taxation rate of 15 percent, instead of the nominal income tax rate of 35 percent. Back in the 1950s when America was at an economic high, the taxation rate was much higher for the wealthiest citizens of the country.
For the sake of the long-term health of the nation, our budget deficit must be addressed. Not only is it an economic time bomb, but with more than half of our debt held by foreign governments, it represents a grave threat to our sovereignty as well.
Guest Posted by Sam Williford