Warren Buffett Says Congress Should Raise Taxes On Wealthy Americans

Published by: Dave Simmons on 15th Aug 2011 | View all blogs by Dave Simmons
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Warren Buffett Says Congress Should Raise Taxes On Wealthy Americans

Warren Buffett, the well respected investor and CEO of Berkshire Hathaway, reiterated his opinion that legislators should raise taxes on the very wealthy, a group to which he himself belongs.  The remarks were made in an opinion editorial Buffett wrote that was published in the Monday edition of the New York Times.  The successful investor said that Congress should stop coddling the super-wealthy and increase the amount of tax they pay.

“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,” Buffett wrote.  He indicated that he only paid 17.4 percent of his taxable income last year, which is less than middle-class Americans are required to pay.  The IRS charges 15 percent in taxes to those with incomes between $8,500 and $34,500, 25 percent to those earnings between $34,500 and $83,600, and 28 percent to Americans with incomes between $83,600 and $174,400.

Buffett suggested that taxes be raised and loopholes eliminated for corporations and households bringing in more than $1 million a year, explaining that he and his “mega-rich” friends would be more than happy to pay their fair share to help the country solve its debt woes.

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