Warren Buffett gave an interview this past week to ABC’s This Week. Buffett advocates for raising taxes on rich billionaires like himself and lowering taxes even more for the middle class. He believes that tax hikes on the rich are essential to an economic recovery.Buffett disputes the theory of trickle down economics stating that “the rich are always going to say, just give us more money and we’ll go out and spend more then it will all trickle down to the rest of you. But that has not worked the last 10 years and I hope the American public is catching on.”
I happen to agree with Buffett and believe that the Bush tax cuts should not be extended for anyone making over $1 million dollars or more. Read why in the Obama solution.