Warren Buffet is calling for higher taxes for the really wealthy to pay off the US deficit.
Billionaire Warren Buffet wrote the opinion editorial in today’s New York Times and calls for higher taxes for everyone earning more than 1 million a year, and even higher taxes for the few thousands of people who earn more than 10 million a year.
He says he has been talking with his mega-rich friends and that they have the same opinion. Well, I am not surprised. Many of these billionaires are contributing a lot to charity, and Buffet is one of the biggest in the world. It is not hard to understand that they want to contribute even more now when they see that the country that brought them their fortunes are nearing a collapse.
Buffet also says that:
“While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks.”
This editorial got me thinking. Coming from the highest taxed country in the world — Sweden — I am against high taxes, but when a country is in great debt and that country need income to repay its financiers, you need a plan.
So why not let the people who have the best ability to pay and, most likely, have been the ones that benefited most from the economic growth help paying a bigger part of the bill.
I am against taxes, but when a country has a big deficit it means the taxes have been too low! Reduce government spending and lower taxes will follow.