Billionaire investor Warren Buffett recently wrote a great op-ed piece for the New York Times in which he reached out to congress saying, “Don’t coddle me,” in regards to tax cuts for the rich.
Here are some highlights:
“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,”
“What I paid 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.”
Some investment managers were taxed only 15% on billions of dollars in income. The middle class pays 25%.
40 million jobs were created between 1980 and 2000, when the tax rate for the rich was higher than it is now. “You know what’s happened since then: lower tax rates and far lower job creation,”
“Congress should impose a higher tax rate on millionaires, and an even higher tax rate on those making at least $10 million per year.”
Currently President Obama is using this to hammer home his call for higher taxes on the rich…
Read more…
Also, this is a good listen.
