Monday, March 11, 2013

Let's Tax The Rich At 100%

I am a huge fan of Warren Buffett - when it comes to investing. You may remember that he not long ago called for raising the tax rates on the rich and uber-rich, as it was unfair that he paid a lower tax rate than his secretary. Personally I hear that comment as an argument for a flat tax, but he went in a different direction.

He proposed raising taxes on those earning more than $1 million, with yet more taxes for those earning more than $10 million.

That beggars the question: what difference would it make? I could go to the theater every day, but it would not make me a movie star.

The Tax Foundation went to the IRS itself for statistics. They were curious what the result would be if the government confiscated ALL the income of those earning $10 million or more.

Here is the result:

Source: Tax Foundation

All that, and we would reduce the deficit by only 12% and the national debt by 2%? But I suspect that you already knew the answer, didn't you?

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