From Yahoo Finance: 2025-04-19 07:05:00

Warren Buffett and Jamie Dimon advocate for taxing the rich to address the federal deficit, despite opposition from some Republicans. Increasing income taxes on high earners may not impact billionaires significantly, as they mainly earn from investments. Bezos and Musk have avoided paying federal income tax, raising concerns about tax avoidance strategies.

Six states and Washington D.C. have adopted “millionaire taxes” focusing on income, with Congressional Republicans considering raising the top tax rate. Some argue the ultra-wealthy already face high tax rates, with effective rates as high as 60% for top earners. Implementing a “millionaires’ tax” may not significantly impact overall tax burdens for the wealthy.



Read more at Yahoo Finance: Warren Buffett and Jamie Dimon want billionaires to pay their fair share to Uncle Sam. But a ‘millionaires tax’ would likely affect all the wrong people