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Even Billionaires Can See the Issue with Wealth Inequality


Quotes from Article:

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.

The inequality between rich and poor Americans is as high as it was in late 1930s, Dalio pointed out in a paper posted online last week. The wealth of the top 1 percent of the population is now more than that of the bottom 90 percent of the population combined. Dalio called growing inequality and lack of investment in public education "an existential risk for the U.S."

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."

"The wealthy are definitely undertaxed relative to the general population," he told CNBC's Becky Quick during a February "Squawk Box" interview