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Warren Buffett, the legendary investor who changed the debate about U.S. tax reform in 2011 with a call for the rich to pay more, is now calling for minimum tax rates for millionaires.

In a New York Times editorial printed on Monday, Buffett suggested Congress move immediately to implement minimum taxes of 30 percent on incomes of $1 million to $10 million and 35 percent above that.

"Only a minimum tax on very high incomes will prevent the stated tax rate from being eviscerated by these warriors for the wealthy," he added.

"Warren Buffett's secretary" became a political meme following that editorial, and the said secretary, Debbie Bosanek, was ultimately a guest of President Barack Obama at this year's State of the Union address.


I'm sure the tax avoidance lawyers are already gearing up. In the UK, there are over 2300 ways to legally avoid taxes.

Muni bonds (tax free) will once again become the vehicle of choice for 'the rich' to avoid a big tax bite, as well as other schemes.

After all, Buffet is avoiding all the taxes he can by donating 'appreciated stock' to charity, taking the full value of it as a charity write off....offsetting millions in other income. Paying near zero in taxes...... the tax man gets very little from him and will in the future.

His buddies will do the same.

But, wait.....Obama and the drones are likely to do it. To them, it's all class warfare and attacking the 'rich' and punishing 'the rich' ...and 'fairness'.....

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