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21 Apr 2015 1 Respondent
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By Amanda Lees
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Mega Mind (39846 XP)
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PoD (111): MORE TAX FOR THE ULTRA RICH?

PoD (111): MORE TAX FOR THE ULTRA RICH?

Investor Warren Buffett says the US economy continues to grow steadily, but too many people continue to miss out on the American dream.

Buffett told CNN that he doesn't see any real sign of weakness in the economy. But he reiterated his concerns about income inequality inthe US while the super-rich continue to thrive. He said that America should be able to do more to help people who are struggling do better.

'All kinds of people are left behind, and there are structural reasons for that,' said Buffett.

Instead of increasing the minimum wage, Buffett said he favours adjusting the federal earned income tax credit to help people who don't earn much because it won't prompt businesses to cut jobs. The billionaire has also long supported higher taxes on the ultrarich, including himself.

'I think a rich society - a very rich society - can figure out ways to have those people do better than they are doing.' 

Read the article in full here:  m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11428208  

Do the rich have a responsibility to support poorer members of society? Does everyone benefit when the most vulnerable are helped? Or should everyone be free to make as much money as they can? Is it unfair for those who have been successful to bear the burden of those who have not?

What do you think?

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It is proposed that the ultra rich should be taxed more to help the poor