It's no secret that the wealthy pay lower taxes as a percent of their income than the middle class. The wealthiest' incomes come from dividends and capital gains, taxed at 15%, while income tax plus the double payroll tax on workers adds up to a 50% marginal rate. No wonder the last few recessions saw jobless recoveries. Does congress not understand the Laffer curve?
Warren Buffett wants to fix this, and he drew the standard illogical responses from Republicans. Donald Trump said he would be willing to see his tax rates increased from 17 percent to 25 percent, but others wouldn't. "A lot of people would leave the country ... I'm talking about big people, job-producing people ... A lot of people will say, 'No thank you, I'm going to Switzerland. I'm going to Germany. I'm going to here, I'm going to there.' "
Holy cow. So without the 'big' people, I suppose us little people will wander around not knowing what to do.
