In addition to a 39 percent tax rate, individuals with wealth of over ten million dollars pay a one-time wealth tax of 20 percent.
Why is this important?
Warren Buffett is advocating higher taxes for the rich so they can "pay their fair share." Former President Bill Clinton proposed the idea of a wealth tax in the nineties. For example, Former Speaker Nancy Pelosi has an estimated wealth of over sixty million dollars. Our nation's debt needs our wealthiest one percent to pay their "fair share." Speaker Pelosi, Warren Buffett, and numerous other uber-rich need to pay a one-time tax of twenty to thirty percent without all the tax-avoidance games.
