Buffett Tax On Rich Will Hurt Average Americans

Billionaire Warren Buffett, always popular among Democratic redistributionists, says he wants a “minimum tax” on the very rich. Never mind that we already have one, and that what he proposes would hurt both the economy and the middle class. … Last year, according to the Treasury Department, the U.S. deficit was $1.1 trillion. According to a study by Congress’ Joint Committee on Taxation, a Buffett-style 30% tax on all millionaires would generate just $5 billion. That’s less than one-half of one percent of our budget. In short, Buffett’s proposal is a fiscal joke. …

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