Mr. Buffet obliterates the argument that higher taxes halt investments:
"Suppose that an investor you admire and trust comes to you with an investment idea. 'This is a good one,' he says enthusiastically. 'I’m in it, and I think you should be, too.'
Would your reply possibly be this? 'Well, it all depends on what my tax rate will be on the gain you’re saying we’re going to make. If the taxes are too high, I would rather leave the money in my savings account, earning a quarter of 1 percent.' Only in Grover Norquist’s imagination does such a response exist."
He then goes on to offer a practical solution (the underline is mine):
"...we need Congress, right now, to enact a minimum tax on high incomes. I would suggest 30 percent of taxable income between $1 million and $10 million, and 35 percent on amounts above that. A plain and simple rule like that will block the efforts of lobbyists, lawyers and contribution-hungry legislators to keep the ultrarich paying rates well below those incurred by people with income just a tiny fraction of ours. Only a minimum tax on very high incomes will prevent the stated tax rate from being eviscerated by these warriors for the wealthy."
Warren Buffet knows whereof he speaks.
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