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
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.