The modern version of capitalism isn't working, according to a group of billionaires who benefitted from it.
div > div.group > p:first-child"> Warren Buffett, Jamie Dimon, Ray Dalio, Bill Gates and a list of others say that capitalism in its current form simply doesn't work for the rest of the United States. Some of their remedies involve higher taxes.
Jamie Dimon is also frustrated with the income gap. In a letter to shareholders last week, the J.P. Morgan Chase CEO outlined a list of problems plaguing the majority of Americans. Among the remedies, could be higher taxes on the 1 percent, he said. In a 2011 New York Times op-ed, titled"Stop Coddling the Super-Rich," Buffett called for a tax increase on everyone making more than $1 million and an even bigger hike on Americans making more than $10 million or more. After the 2017 Republican tax plan was signed into law, Buffett told CNBC"I don't think I need a tax cut."
"There's no doubt that as we raise taxes, we can have most of that additional money come from those who are better off," Gates said during a conversation with his wife Melinda and hundreds of high school students in New York City in February. The inequality issue has fueled a revival of the debate between the two economic systems. President Donald Trump and some Republicans have warned of consequences if Democrats and therefore left-leaning ideologies win next year's presidential election. During his State of the Union address last month, Trump said,"We are alarmed by new calls to adopt socialism in our country" and that"we renew our resolve that America will never be a socialist country.
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