Warren Buffet on tax breaks for the rich
Billionaire investor Warren Buffett, saying he doesn’t want to be “coddled” by Congress, says that wealthier Americans should pay higher taxes, and that higher taxes do not dampen job growth.
Buffett, chief executive of Berkshire Hathaway, wrote in an op-ed piece in The New York Times that taxes should be raised on Americans who make at least $1 million per year.
“While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks,” wrote Buffett, who has mentioned in past interviews that the rich should pay higher taxes.
Wrote the Omaha, Neb.-based billionaire. “What I paid [in taxes] was only 17.4% of my taxable income – and that’s actually a lower percentage than was paid by any of the other 20 people in our office.”
He added that some investment managers were taxed only 15% on billions of dollars in income. He compared that to the middle class, with its income tax bracket of up to 25%.