Buffett: Very rich should pay more taxes
Associated Press
Billionaire investor Warren Buffett is calling on the “mega-rich” to pay more in taxes.
Buffett said Monday in a New York Times opinion piece that he would immediately raise rates on households with taxable income of more than $1 million, and he would add an additional increase for those making $10 million or more.
He also recommends that the 12 members of Congress charged with devising a deficit- cutting plan leave rates for 99.7 percent of taxpayers unchanged.
“My friends and I have been coddled long enough by a billionaire-friendly Congress,” Buffett wrote. “It’s time for our government to get serious about shared sacrifice.”
Buffett, who is chairman and CEO of Omaha-based Berkshire Hathaway, has been calling for higher taxes on the super-wealthy for several years. He has said the tax system has contributed to the growing gap between rich and poor.