>Warren Buffett’s Taxing the Rich Won’t Solve Deficit, Says Tax Foundation
Friday, August 19, 2011
By Matt Cover
buffett and obama
President Barack Obama awards the 2010 Medal of Freedom to investor Warren Buffett on Feb. 15, 2011. (AP Photo)
(CNSNews.com) – Taxing millionaires and billionaires more – a position advocated by billionaire Warren Buffett and President Barack Obama – won’t make much of a dent in the national debt or the record federal budget deficits, a new study finds.
“Even taking every last penny from every individual making more than $10 million per year would only reduce the nation’s deficit by 12 percent and the debt by 2 percent,” the non-partisan Tax Foundation’s David Logan writes.
https://www.cnsnews.com/news/article/warren-buffett-s-tax-solution-won-t-solv