In an op-ed for the NY Times, well known socialist and anti capitalist Warren Buffett proposes a minimum tax on those earning higher incomes:
Between 1951 and 1954, when the capital gains rate was 25 percent and marginal rates on dividends reached 91 percent in extreme cases, I sold securities and did pretty well. In the years from 1956 to 1969, the top marginal rate fell modestly, but was still a lofty 70 percent – and the tax rate on capital gains inched up to 27.5 percent. I was managing funds for investors then. Never did anyone mention taxes as a reason to forgo an investment opportunity that I offered.
Under those burdensome rates, moreover, both employment and the gross domestic product (a measure of the nation’s economic output) increased at a rapid clip. The middle class and the rich alike gained ground.
Rich Republicans with lots of private sector experience might argue that many Democrats don’t understand how to make money or stimulate economic growth, but there’s not a lot they can say about Warren Buffet given he’s richer than all of them put together. If we’ve got to the point where the mega wealthy are regularly begging the government to tax them at a higher rate, perhaps it’s time for politicians to grow a pair and actually do it.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.