Buffet is talking about "Taxable Income" meaning a small business or family farm would have to be making 1 Million in profits for it's owners before they would actually be effected by such an increase in rates.
Consumption tax would likely put an undue burden on the poor because where as the rich invest and save a large portion of their income the poor spend close to 100% of what they make on things like food and housing.
"Buffet is talking about "Taxable Income" meaning a small business or family farm would have to be making 1 Million in profits for it's owners before they would actually be effected by such an increase in rates."
I understand perfectly... go ahead, put the cutoff at 1Mil and you're going to lose politically.
"Consumption tax would likely put an undue burden on the poor"
I don't care... I'm mocking the idea of "shared sacrifice"... the poor pay almost no taxes.
Consumption tax would likely put an undue burden on the poor because where as the rich invest and save a large portion of their income the poor spend close to 100% of what they make on things like food and housing.