Stance against Buffett is wrong

Editor,

The owners of Current are wrong about Warren Buffett (From the Backshop, Current, Dec. 11.) He’s 82 years old. So, let’s say he started in business at age 22, right out of college. This means he began his business career in 1952. Back then, the top marginal individual tax rate was 90 percent. Lyndon Johnson dropped that rate to just 70 percent in 1964. Ronald Reagan lowered the top marginal tax rate to 50 percent in 1982 and eventually to 28 percent in 1988. It slowly increased to 39.6 percent at the end of the Clinton administration (coincidentally, the last time the U.S. had a balanced budget). George W. Bush reduced it to 35 percent for the period 2003 through 2012 (ironically, while waging two wars). Now, President Barack Obama (and Warren Buffett) advocates raising this rate back to the 39.6 percent of the late Clinton years. So don’t tell me Buffett built his fortune when taxes on the rich were low, and now that he’s made his billions, he wants to raise them. He wants to raise them to help balance the budget, but he made his money when tax rates were much higher.

 

Andy Ray

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