Sigh. Buffet isn't at all a disinterested party in this matter. A tax affecting the lower end of the rich puts a barrier to entry into the ranks of the megarich. Lowering the cost of real estate, airplanes and businesses for him.
Can't we all just have a flat consumption tax and be done with it? 10% would benefit everyone (in particular retirees and savers), increase actual collections and be simpler to administrate (you get to fire a bunch of government employees). Increased revenue, reduced complexity, favouring savings. That sounds like a win to me.
In particular Alexander Hamilton wrote in the federalist papers about how these sorts of taxes were harder to raise to confiscatory levels. which 35% certainly is.
Although I love the idea of a completely consumptiom based tax system, one reason it will never happen is because:
"(you get to fire a bunch of government employees)"
Uhm, no, millionaires are people who have at least one million dollars in some form. The article is about people making at least one million dollars per year; a much smaller group of people.
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[ 4.2 ms ] story [ 16.4 ms ] threadCan't we all just have a flat consumption tax and be done with it? 10% would benefit everyone (in particular retirees and savers), increase actual collections and be simpler to administrate (you get to fire a bunch of government employees). Increased revenue, reduced complexity, favouring savings. That sounds like a win to me.
In particular Alexander Hamilton wrote in the federalist papers about how these sorts of taxes were harder to raise to confiscatory levels. which 35% certainly is.