Warren Buffett Says Tax The Rich

Warren Buffett says, he doesn’t want a tax break. He has asked congress to raise taxes on him and the other super rich. Buffett said, “Congress acts as if the megawealthy are spotted owls or some other endangered species. President Obama approved his statement, but others, as you can imagine did not. Buffett went on to say, “My friends and I have been coddled long enough by a billionaire friendly congress.” Buffett wrote in the New York Times, “Last year my tax was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income. That’s a lower percentage than was paid by the 20 employees working in my office. They paid from 33 to 41 percent of their income.

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Buffett suggested raising tax rates on those making $1 million (there are 236,883 n the U.S.) And for those making $10 million (8,274 ) or more, including dividends and capital gains an additional tax. the Times reported that’s Buffett’s proposal would generate as much as $500 billion in new revenue over the next ten years.

The Republicans are having none of it. They have always favored the rich and they haven’t changed their policy because of the bad economy. All six Republicans on the super committee have turned down the suggestion. Brady of the House Ways and Means Committee said: ” This is not a serious solution for deficit control or getting this dismal economy on it’s feet. Mr. Buffetts proposal fails on every level.

Ben Stein said, ” The hard working people of America should not be taxed to death to support bums and ne’er do wells. That being said, people who are billionaires, who have an income of $10 billion a year can easily afford to pay more taxes. Let’s tax the rich more. They just don’t pay enough taxes.”