singer199_Bob LeveyGetty Images for MoveOn_taxrich Bob Levey/Getty Images for MoveOn

Tax the Rich!

The opening of the global economy over the past 30 years enriched multinational corporations, which have been able to shift profits to wherever the corporate tax rate is lowest. The G20 can take one step toward remedying that by accepting the proposed 15% minimum rate, but it should go much further.

PRINCETON – “The taxation system has tilted toward the rich, and away from the middle class, in the last ten years. It is dramatic, and I don’t think it’s appreciated. And I think it should be addressed.” So said the billionaire investor Warren Buffett 18 years ago. He illustrated his claim by surveying his office staff: although he was then the world’s second-richest person, he was paying a lower percentage of his income in taxes than his receptionist was.