Attention Buffetts ‘Round the World

After US billionaire Warren Buffet wrote in an opinion piece that the wealthy should pay higher taxes to boost the US economy, the suggestion triggered a global domino effect, explains economic policy expert Mark Bloomfield in an essay for Politico. Wealthy counterparts in France and Germany joined the chorus, but Bloomfield cautions against generating more funds for flawed systems: “The U.S. has a golden opportunity to set the tone on the world stage in crafting a tax policy that will promote economic growth and restore confidence to its electorate, businesses and Wall Street.” Setting up a surcharge on the wealthy is more difficult to do than talk about, as evidenced by the Alternative Minimum Tax resented by many middle-class Americans. Bloomfield urges revamping tax codes to reward savers and hard workers rather than the spendthrifts who borrow. A fair tax code that emphasizes simplicity and promises certainty would go a long way in adding jobs, capital reinvestment and confidence to the global economy. – YaleGlobal