It’s Fix the Tax Code Friday! This week, Warren Buffett continued to be all over the news for his statements about taxes for the very wealthy. In case you’ve missed it, Buffett has amped up the rhetoric on tax reform by suggesting that those in higher brackets benefit disproportionately from existing breaks in the Tax Code and that those taxpayers should pay more, not less.
This is nothing new for Buffett. He made similar statements in 2010 and prior to that, famously said about his tax rates:
I’m willing to bet anyone in this room $1 million that those rates are less than the secretary has to pay.
Some tax professionals have questioned whether his statements are accurate, suggesting that Buffett benefits more from tax deferral than from breaks. Others have opined that even if he’s right, raising rates wouldn’t be fair.
So I’m throwing it out to you. Today’s Fix the Tax Code Friday question is:
Do you think that existing tax breaks for the wealthiest taxpayers should be scaled back or eliminated? In other words, should the wealthiest taxpayers pay more in tax?
