Warren Buffett says capitalism, 'will widen the gap,' on income inequality

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Warren Buffett would be the first to describe himself as a capitalist. And yet he has noted many times over the years that market forces have their limitations, and that the government plays a role particularly in addressing inequities that are created by our economy.

I sat down with Buffett at Berkshire Hathaway (BRK-A, BRK-B) headquarters in Omaha, Nebraska on March 10, just as the coronavirus was beginning to spread and become a serious issue in the United States. We mostly spoke about Berkshire, the markets and the economy. But in this section of the interview we touched on this matter of inequality too.

Buffett has noted before that there is class warfare out there and that “his class was winning.” He elaborated on that point, offering the earned income tax credit — a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children — as a solution. He also proposed a second idea for ending wealth inequality: higher taxes on the very wealthy.
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