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View Diary: Warren Buffett calls for A Minimum Tax for the Wealthy (107 comments)

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  •  Tie the Min. Tax levels to Minimum Wage (0+ / 0-)

    Rather than having a permanent level for the minimum tax to kick in, or tying it to inflation, we should tie it to the minimum wage.

    Make the Buffet's 30% apply from $725,00 to $7,250,000, and 35% above that .  (The law would specify that the rates are set at 100,000 times federal minimum wage and 1 million times.)

    Give some rich people an incentive to boost the working class.

    It's a principle that should be applied more widely.

    •  Rich people dont boost the working class (0+ / 0-)

      The reason the last 3 recessions had a "jobless recovery
      " is policies that created jobs were removed.

      We used to spend 5% of GDP on infrastructure, last year we spent 1.3%. Thats a jobs deficit of 10 to 13 million jobs.

      Prior to the 1986 Tax Reform Act we had deductions, exemptions and shelters that favored domestic investment, US Jobs. 60% of those incentives are now gone. As much as 200-300 billion in US investment now goes overseas in todays dollars. That represents a  job deficit of about 4 to 5 million jobs.

      Currently there are about 22 to 28 million people looking for work, this adds downward wage pressure.

      35% isnt enough, not remotely. Not even 39.6%.

      FDR 9-23-33, "If we cannot do this one way, we will do it another way. But do it we will.

      by Roger Fox on Tue Nov 27, 2012 at 08:13:45 AM PST

      [ Parent ]

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