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Warren Buffet calls for ‘mega rich’ Americans to pay poor taxes

Billionaire investor says tax the wealthy

CATHY HAYES,

IrishCentral Staff Writer

Published Tuesday, August 16, 2011, 7:28 AM

Updated Tuesday, August 16, 2011, 10:35 AM

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Warren Buffet calls for ‘mega rich’ Americans to pay poor taxes

Warren Buffet, the U.S. billionaire has called for the “mega-rich” to pay more taxes.

In a New York Times opinion piece entitled “Stop Coddling the Super-Rich” Buffet said he would raise tax rates on households with a taxable income in access of $1 million. He also said he would increase taxed for those making $10 million or more.

“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,” he wrote.

The investor also suggested that he Congress leave rate for the majority of taxpayers unchanged.

“My friends and I have been coddled long enough by a billionaire-friendly Congress,” Buffet wrote. “It’s time for our government to get serious about shared sacrifice.”
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400 Americans richer than half of all Americans combined
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He noted that while wealthy pay income tax at a rate of 15 percent on the majority of investment income, they pay little in payroll taxes. While middle class usually fall within the 15 and 25 percent tax and are hit with high payroll taxes.

He said that those in Congress: “feel compelled to protect us, much as if we were spotted owls or some other endangered species”.

He maintained that many of the mega rich, whom he knows well, would not mind paying more in taxes, especially when so many fellow citizens are suffering.

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18 Comments

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seanomelbourne | Aug 20, 2011, 07:41 PM EDT

Now the Koch brothers are castigating Buffet,maybe Warren pricked their conscious,I doubt it.

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JimMcGarity | Aug 19, 2011, 10:34 PM EDT

I think the man has a great idea. We should send him a bill for the last 40yrs of the tax breaks he has gotten. That migh shut him up. He made his money on the backs of his workers.

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Searlit | Aug 18, 2011, 10:16 AM EDT

He's a wiseman.

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EphraimKibbey | Aug 17, 2011, 12:58 PM EDT

There is also a group called "Patriotic Millionaires" that has repeatedly petitioned congress to increase their taxes to take the burden off the "least of these." Jerry Cohen of "Ben and Jerry's" is one of their spokespeople. If you go online and research taxes, you see that taxes on the ultrarich are the lowest they have ever been since just before the great depression. Historically, the high water mark was 75% for income over 1 million.

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seanomelbourne | Aug 16, 2011, 09:01 PM EDT

If only the fascist Koch brothers had the heart and soul of Warren Buffett.The koch brothers would rather break the middle class than help them.

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mayoman | Aug 16, 2011, 03:52 PM EDT

Finally a rich man with a social conscience and a genuine sense of patriotism speaks out. Now let's hear from all the rich and mega-rich that agree with Buffet. And let's also bring all the troops home from Iraq and Afghanistan; for its a moral and fiscally wise thing to do.

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feeneycj | Aug 16, 2011, 03:30 PM EDT

I agree with Warren Buffet. If you make $1 million or more, pay more taxes. Maybe tax some of the rest of us, but please don't hurt our measly investment returns. But there are only 236,883 people who make that much and they can't cover the trillions of runaway Obama spending. So cut spending and do it now!

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AngelPrecious | Aug 16, 2011, 02:15 PM EDT

I think the Republicans especially are making a BIG mistake by not agreeing to raise the tax on the rich. However, I DO agree with the poster that said tax us ALL and do it fairly!@Nicomax, yes, CUT military spending; it accounts for our biggest waste of revenues!

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joycean | Aug 16, 2011, 02:09 PM EDT

I have noticed that FoxNews whines constantly about the need to "balance the budget" by cutting entitlements especially Social Security, Medicare and Medicaid (the elderly and poor), but shouts down anyone who suggests that taxes, particularly on the wealthy, are another means of increasing revenue. Hooray for Buffett,for insisting that the wealthy do not need the coddling they have been receiving.

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Nicomax | Aug 16, 2011, 01:20 PM EDT

If you consider those feckless military adventures in the Middle East, as well as all those troops wasting away their time in Germany and Japan, then yes we indeed have a SLUSH FUND that needs fueling with increased revenues. Plus, the super-wealthy families seldom have any of their pride and joys signing up for the military, so the least they can do is pay for those who do.

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jacke47 | Aug 16, 2011, 12:50 PM EDT

Motherirish states that additional dollars above and beyond the required taxes, may be donated to the government and/or to the debt cause. Higher tax revenues will only go toward producing yet another SLUSH FUND for the ever-spending liberal progressives to dream-up some other doomed-to-failure entitlement programs.

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HorsesInMdstrm | Aug 16, 2011, 12:39 PM EDT

I agree with MotherIrish and jflanagan on one point. They can spell Buffett unlike the writer and editor. Where I don't agree is the implication that - hey, if you want to pay more taxes, just write a check to whatever level of government you prefer. So pay taxes according to what you think is fair. Sounds like socialism to me. And rewards the greedy.

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jamthecat | Aug 16, 2011, 12:24 PM EDT

I love the wining going on about how awful it is to even think of raising taxes on people worth tens of millions to billions of dollars while cutting education, repairing our infrastructure, updating our communications and on and on. You go, Warren.

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MotherIrish | Aug 16, 2011, 12:17 PM EDT

All Warren Buffett and his super rich cronies and those mega stars in Hollywood and athletes can just write a check to the IRS as a donation to the government. Not tax deductible but they can then feel good about supporting the government. Or they can donate to local and state government - free of all strings - or for specifics such as education, wildlife management or what ever but if they really felt compelled to pay more, what is holding them back. Oh yeah, their money and love of it.

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jflanagan | Aug 16, 2011, 11:52 AM EDT

He has been spouting this phony message for years. If he feels he needs to pay more he can do one of two things: 1) don't use deductions and pay on gross income or 2) get a form from the IRS to donate more taxes. Mr. Buffett also realizes that he, as a billionaire, has the ability to increase or decrease his income without affecting his assets to taxes. The only ones paying under this formula of his are those who make "hard" incomes of one million or more, not those who can change their incomes to tax sheltered Municipal Bonds and tax free investments. If they really want to make it fair, eliminate ALL deductions, lower to rates to keep tax receipts about what they are now. That way everyone owns a piece of the country and has a stake in how it performs. You'll see a lot less gimmee, gimmee, gimmee cries and less names calling on both sides.

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