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FBN’s Gerri Willis on Warren Buffett’s support of a tax increase on the wealthy.
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Warren Buffett is getting a lot of attention this week for his comments on the fiscal collect.
Basically the investing mogul says rich people that is people like him should pay more in taxes now.
It sounds magnanimous right.
But I believe the case he builds for higher taxes well the reasoning has a big hole -- it here's why.
Buffett says the contention that rich people stop hiring is nonsense.
But we already know the more than a million Americans who employ people are paying their taxes through their individual income tax.
And according to The Heritage Foundation the amount -- taxes would rise would be equivalent to one employee's salary that's one person they wouldn't -- What's more -- and young says that these tax hikes would kill 7101000.
Jobs.
Buffett also says that rich people won't stop investing again nonsense.
When you tax something usually get less of it like cigarette taxes to curb smoking -- carbon tax to curb carbon emissions.
Financial advisors say individual investors are considering doing their investing elsewhere.
And other countries because of these higher taxes.
Now the investing mobile believes that wealthy -- -- have to pay a minimum tax.
But look there's already an Alternative Minimum Tax set up with just that idea to catch wealthy scofflaws.
Who don't pay their fair share.
And fortunately the brain surgeons on Capitol Hill have never indexed the tax for inflation.
Now it captures four million Americans many of which it would be a strain to consider wealthy.
Look even if you let -- the bush tax cuts expire the revenue it would generate would only fund the -- -- for eight and a half days even.
-- we need a better solution that.
Mr.
Buffett's comments are based on the idea there are no unintended consequences of government policy people just embrace the changes in the world keeps on spending.
But I believe the results would be catastrophic capital flight jobs left unfilled a weakened economy probably -- recession.
The top 10% of earners in this country the people of the -- urges to pay their fair share.
They already pay 10% or 70% that is 70%.
Of the income taxes in this country.
How -- -- not doing what they should.
Look at Warren Buffett wants pay more taxes Warren Buffett can -- that.
In the meantime we need to get this country back on growth track in which a vibrant economy creates tax revenues jobs and a better future for everybody.
