30 Percent Tax Rate for the Rich?

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

30 Percent Tax Rate for the Rich? Photo (cc) by Atwater Village Newbie

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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