Why Buffett’s Plan To Tax the Rich Won’t Fix the Debt----------Aug-16-2011--

Why Buffett’s Plan To Tax the Rich

Won’t Fix the Debt

Aug-16-2011--Buffett, chairman of Berkshire Hathaway, and one of the richest individuals on the planet.

Buffett is said to be worth about $47 billion, virtually all of it already beyond the reach of the tax man.

In the op-ed, Buffett calls for higher taxes from the rich, to ostensibly bridge the massive U.S. debt gap, which stands at $14.3 trillion this month. But that’s one bridge that could stand too far –

Buffet proposes a tax reform plan to tackle that problem.

Specifically, he would:

-Keep income taxes unchanged for 99.7% of taxpayers, i.e., everyone but the super-rich.

-Keep the current 2% reduction in the employee payroll tax.

-Raise tax rates for individuals with more than $1 million in annual income

-Raise taxes for the uber-wealthy –

those making more than $10 million per year

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