The future of the corporation

LAST WEEK, superinvestor Warren Buffett, America’s second richest man, testified before the Senate Finance Committee on the subject of why people like him can well afford to pay taxes. In fact, Buffett is ceasing to be among the very wealthiest because he is giving most of his fortune away to philanthropies while he is still alive.

“Dynastic wealth, the enemy of a meritocracy, is on the rise,” Buffett told the senators. “Equality of opportunity has been on the decline. A progressive and meaningful estate tax is needed to curb the movement of a democracy toward a plutocracy.”

Buffett also proposed higher taxes on the wealthy in order to give working people a break on their payroll taxes, which now cost three Americans in four more than they pay in income taxes. And he supports taxing hedge fund bonuses at the same rate as ordinary income, so that billionaire hedge fund managers don’t pay taxes at a lower rate than the people who clean their offices.

Read more

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s