America’s most celebrated investor and the head of Wall Street’s most powerful bank have had a clear message for Washington: Tax us more. Warren Buffett and Jamie Dimon, the CEOs of Berkshire Hathaway and JP Morgan Chase, respectively, have both advocated for raising taxes on the rich as a matter of fairness—and to address a burgeoning federal deficit.
Congressional Republicans, traditionally opposed to hiking taxes on the wealthy, are reportedly mulling a so-called millionaires tax, underlining how President Donald Trump’s populist appeal has transformed the party. While the proposal faces opposition from plenty of prominent Republicans, the move has been floated to help pay for tax breaks on tips, overtime pay, and Social Security benefits, as well as the extension of provisions in the 2017 Tax Cuts and Jobs Act.
