Warren Buffett, one of the world’s richest men, has said repeatedly U.S. taxes should be higher on him and his fellow billionaires and millionaires. Today he lays it on the line in a New York Times op-ed piece.
Buffett points out that he is taxed at only a 17.4 percent rate—while the office workers on his staff are taxed between 33 percent and 41 percent. While tea party Republicans in Congress fought off any moves to help balance the budget through higher taxes on the extremely rich, Buffett has this advice for Congress: Stop coddling the rich. Here’s what he recommends:
…for those making more than $1 million—there were 236,883 such households in 2009—I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more—there were 8,274 in 2009—I would suggest an additional increase in rate.
A special subset of Congress—12 members—will begin meeting after Labor Day to devise a plan that reduces the nation’s 10-year deficit by at least $1.5 trillion. They should listen to Buffett:
My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.
Read his full op-ed here.
