Warren Buffett, that financial genius and investment guru extraordinaire, wrote an op-ed piece for The New York Times on Sunday that has caused some controversy. He is advocating higher taxes on the "Super Rich" - specifically creating new tax brackets for ALL income over $1 Million and $10 Million. It's a bold plan, especially since it's being proposed by one of the wealthiest men in the world (Buffett paid nearly $7 Million dollars in Federal Income Tax last year). However, the current state of the Republican Party would sooner nominate Fred Karger for President than support a tax increase of any kind.
Two respected columnists have written response pieces to Mr. Buffett's op-ed. Jeffrey Miron is senior lecturer and director of undergraduate studies at Harvard University and Senior Fellow at the Cato Institute. He is the author of "Libertarianism, from A to Z." He wrote a piece against Buffett's argument - stating that the resulting tax increases would stifle job creation, and not actually net much revenue for the United States. William G. Gale is a senior fellow at the Brookings Institution and co-director of the Urban-Brookings Tax Policy Center. He wrote in support of Mr. Buffett's argument - citing historical patterns in how government spending and taxes have fluctuated over decades, pointing out when government shrinks and when taxes are raised.
Both sides make a compelling argument, and both sides views are worth a look.
No comments:
Post a Comment