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President Obama wants the wealthy to pay their fair share, but the Associated Press says the Buffett Tax would only bring in about $47 billion over the next 11 years. That number pales in comparison to the $1.19 trillion representing the US deficit. What if all the people living in the United States that pay no federal income tax suddenly had to give their fair share to the treasury? Ed Butowsky, wealth manager, financial advisor, and managing partner of Chapwood Investment Management, joins Fox Business’ Varney & Co. to examine what would happen if 47% of the US population that pays no federal income tax would be forced to start paying a little, how much would that bring into the United States Treasury?
Ed Butowsky is the managing partner of Chapwood Investment Management and is an internationally recognized expert in the investment wealth management industry. Ed is also a frequent guest on other networks such as CNN, NBC, ABC, Fox News, Fox Business, and Bloomberg to name a few.
Tags: associated press, buffett tax, chapwood investment, fair share, financial advisor, fox business, performance, portfolio, sharpe ratio, tax, united states treasury, us deficit, varney and company, wealth manager