30 Percent Tax Rate for the Rich?

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That’s what Warren Buffett, one of the wealthiest people in the world, is proposing for millionaires.

In a New York Times op-ed, Warren Buffett lays out the case for higher taxes on the rich. A small piece of his argument…

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.

Check out the rest at the link.

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