Billionaire Warren Buffett, always popular among Democratic redistributionists, says he wants a “minimum tax” on the very rich.
Never mind that we already have one, and that what he proposes would hurt both the economy and the middle class.
The third richest man on Earth has endeared himself to the far left by calling for punitive taxes on those with wealth.
Writing in the New York Times, he has proposed a minimum tax of 30% on incomes of $1 million to $10 million and 35% on incomes above that. Hey, these people are rich — so who cares?
Well, you should. Because Buffett’s proposed tax hike is just another way of removing investment capital — the engine of economic growth — from the U.S. economy. It would also do next to nothing to close our long-term budget deficits, now running at $1 trillion plus a year.
Last year, according to the Treasury Department, the U.S. deficit was $1.1 trillion. According to a study by Congress’ Joint Committee on Taxation, a Buffett-style 30% tax on all millionaires would generate just $5 billion.