Buffett Proposes Expanding Tax Credit to Ensure Living Wage, Avoid Risks of Minimum Wage Hike

Warren Buffett proposed expanding the Earned Income Tax Credit (EITC) to ensure anyone working 40 hours a week can have a decent living. This would avoid mandating higher wages that could reduce employment.

Buffett said highly skilled workers earn huge sums while others are left behind by the market system. More inclusive capitalism is needed.

He argued against raising the federal minimum wage, saying it could exclude people from the workforce. The government should supplement wages through programs like the EITC.

Businesses playing critical roles in the economy, but government policies can better ensure workers achieve decent livings without reducing employment.

Buffett's perspective focuses not on overhauling capitalism but targeted reforms addressing inequities in how economic growth benefits society.