Posted on 11/04/2013 2:06:16 PM PST by Tailgunner Joe
In his latest Investment Outlook, titled "Scrooge McDucks," the outspoken Pimco co-founder said that with tax reform back on the radar, the focus should be on taxing the wealthy. Yes, he knows the rich work hard. And yes, he knows they pay an outsized share of the taxes.
But Gross said the wealthy really didn't earn all of their wealth. They are lucky beneficiaries of a decades-long credit boom that poured money into the hands of the financially skilled.
"You did not, as President Obama averred, 'build that,' you did not create that wave," he wrote. "You rode it. And now it's time to kick out and share some of your good fortune by paying higher taxes or reforming them to favor economic growth and labor, as opposed to corporate profits and individual gazillions."
(Excerpt) Read more at cnbc.com ...
https://www.govtrack.us/congress/bills/113/hr1571/text
updated to Buffett Rule Act of 2013 H.R. 1571
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