Warren Buffett: This is the best way to put cash in the pockets of people who need it via CNBCMakeIt
Berkshire Hathaway chairman Warren Buffett has plenty of money. The so-called"Oracle of Omaha" — a nod to both his hometown and his prowess as an investor — is worth $87 billion on Wednesday, according to Forbes.
"The Earned Income Tax Credit is the best way to put money in the pockets of people that don't fit well under the market system, but that are perfectly decent citizens and that have made a good bit of the success," Buffett told Yahoo Finance's editor-in-chief, Andy Serwer, in an interview published Monday.
Various criteria have to be met for someone to benefit from the EITC, including earning income from working or owning or running a business or a farm and having no more than $3,500 in investment income for the tax year. The full details on the current requirements for the EITC vary depending on whether a person is single or married and how many children are claimed, according to the U.S. Internal Revenue Service.
"The minimum wage would be one way to say, 'Well, we will make sure they have enough money in their pocket.' But. That's got a lot of effects in disturbing the market system," Buffett says. It"would almost certainly reduce employment in a major way, crushing many workers possessing only basic skills," he wrote in the Journal."Smaller increases, though obviously welcome, will still leave many hardworking Americans mired in poverty.
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