Buffett changes his tune. Buffett now argues that because “the favored 400” highest income Americans only paid a 21.4% tax rate therefore everyone making over ONE million should pay higher taxes. Buffett wants what happens to 400 to apply to 391,000 persons.
The economy’s main job creators are precisely those that earned more than $1 million. Of the 391,000 taxpayers who reported income exceeding $1 million more than 300,000 (roughly 74%) of them met the Treasury Department’s definition of business owners.
What can the government do?
Get out of the way. Reduce regulations.Put all regulations by the EPA since 2008 on hold until the government can prove that the cost is worth the benefit. And let interest rates flucuate. Cheap money causes everyone to sit on cash. There is no “skin” for banks to loan to other banks or to small businesses.
America needs a reversal form the policies of Obama and Harvard type thinkers who have never managed a business or met a payroll.
DrCameronJackson@gmail.com
