Warren Buffett, possibly one of the wealthiest Americans alive today, has said that he is “fine” with President Barack Obama naming the new minimum tax rate plan the “Buffett Rule”.
Buffett said that when the administration asked him if they could put his name to the plan he said “Sure. It’s what I believe”.
The billionaire has long argued that it is unreasonable for the richest American’s to pay a smaller portion of federal taxes. This happens because many millionaires and billionaires get a large portion of their income from capital gains. These are taxed at a lower rate than basic wages.
Warren Buffet invests $5 billion in ailing Bank of America
Warren Buffet calls for ‘mega rich’ Americans to pay poor taxes
Irish American billionaire joins Bill Gates, Warren Buffet in the Giving Pledge
Speaking to Fox News he said that coddling the wealthy has to stop. When asked if he had gotten any jabs from his rich friends over his outspoken views Buffett joked “Well, I've employed a food taster, but other than that..."
Republicans have not received the proposal for the “Buffett Rule” quietly. Some have said that it will discourage investment while others suggest it will incite a class war.
The Rule would only affect those making the threshold of $1 million per year.