Tags: george | soros | bush | Tax | Cut | Extension | Wealthy

Soros: Tax Cut Extension Won’t Benefit Wealthy

By    |   Tuesday, 12 Oct 2010 12:02 PM

A continuation of the Bush-era tax cuts won’t help the wealthy, because it would hurt the economy, says hedge-fund legend George Soros.

“It’s so clear what’s needed,” he told CNBC, referring to an end of reduced tax rates for the wealthy.

“But because of the political debate, which the administration has lost, we are going to follow the wrong policy by extending the Bush tax cuts, which will not get you employment,” Soros said.

“It will help the top 2 percent, to which I belong, but that is not even good for the top 2 percent, because we really need a prosperous economy.”

If Congress doesn’t act before Dec. 31, everyone’s tax rates will return to the levels prevailing in 2000. President Barack Obama has proposed extending the tax cuts for everyone but those with income of more than $200,000 per year.

Soros casts aspersions on Republicans’ anti-tax motives.

“It is tragic,” he said. “It seems for the Republicans, it is more important to make their top contributors satisfied, so they get the tax cut, than to do what is in the interest of the public.”

Investment icon Warren Buffett agrees that the rich must pay more. "We're going to need to get more money," he said at a recent conference.

"Why not get it from me instead of the guys who will serve us lunch?"

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A continuation of the Bush-era tax cuts won t help the wealthy, because it would hurt the economy, says hedge-fund legend George Soros. It s so clear what s needed, he told CNBC, referring to an end of reduced tax rates for the wealthy. But because of the political...
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2010-02-12
Tuesday, 12 Oct 2010 12:02 PM
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