Pimco's Bill Gross said that wealthy Americans, having reaped the benefits of favorable tax treatment, should be willing to pay a greater share to bolster the prospects of the working class.
If youre in the privileged 1 percent, you should be paddling right alongside and willing to support higher taxes on carried interest, and certainly capital gains readjusted to existing marginal income tax rates, Gross wrote in his monthly investment outlook posted on Newport Beach, California-based Pimcos website today. Stanley Druckenmiller and Warren Buffett have recently advocated similar proposals. The era of taxing capital at lower rates than labor should now end.
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