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Flashback: Buffett “Higher Taxes on the Ultra-Rich is Not Going to Solve the Deficit Problem”

John on January 31, 2012 at 1:54 pm

I found this clip back in October but with the Buffett Rule under discussion again I thought I’d break it out:

Having higher taxes on the ultra rich is not going to solve the deficit problem but no one act is going to solve it. We are going to need a lot of shared sacrifice in order to get our fiscal situation where it should be for a country like this.

As I pointed out back then, the Buffett Rule (raising capital gains tax rates for top earners) plus the end of the Bush tax cuts will eliminate about 5% of last year’s deficit. When is is the President going to focus on the other 95%, most of which goes to cover Medicare, Medicaid and Social Security?

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Category: Politics |

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