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08-15-2011, 11:18 AM   #1

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Warren Buffett Tells Congress To Raise Taxes On Wealthy

Warren Buffett, one of the richest men in the country, wants to pay more taxes and thinks his super-rich friends should too.

Buffett, who is estimated to be worth more than $47 billion, called on Congress to commit to "shared sacrifice" and raise taxes on people earning more than $1 million. Buffett said the rich are "coddled" by Congress "as if we were spotted owls or some other endangered species."

"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 in a Sunday New York Times Op-ed.
Billionaire Warren Buffett Tells Congress To Raise Taxes On Wealthy - ABC News

In the July 23 Republican weekly remarks debt super-committee member Rep. Jeb Hensarling, R-Texas., said higher taxes could "destroy even more jobs."
But Buffett disagrees. The third-richest man in America said he yet to meet a wealthy investor who would pass up a good investment because of the tax rate on potential gains.

"People invest to make money, and potential taxes have never scared them off," Buffett wrote in his op-ed.

Nevertheless, every GOP presidential candidate has spoken out against raising any taxes.

Republican presidential candidate Michele Bachmann told the Wall Street Journal's Stephen Moore in June that if elected she would abolish the capital gains tax, which Buffett said should be increased, and amend the tax code so every American pays income tax.

By eliminating the capital gains tax, which is currently 15 percent, the Tax Policy Center estimates that about 23,000 millionaires would no longer have to pay income tax because their only income comes from capital gains. This move would add $11 billion to the federal deficit, according to Forbes.

08-15-2011, 11:51 AM   #2
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Some common sense over personal interest.
08-15-2011, 12:27 PM   #3
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AND Perry wants the lower 50 to pay more............

Also, this footnote: There's one group for whom Mr. Perry definitely isn't proposing to make government less consequential. In his announcement speech, he, like many in both parties, decried the fact that nearly half of American households now pay no federal income taxes at all, thanks to various credits and exemptions. He's implying a need to broaden the tax base to take in more of those households—an idea whose time may have come regardless of how the Perry candidacy fares.
For Perry, the Middle Might Prove Problematic -
10-24-2011, 05:20 AM   #4
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Realistically, better for the rich to pay up before some more socialist mob gets in and FORCES them to .If less taxes need to be levied on the middle class, the economy will be healthier. By and large, a healthy middle class is a healthy economy(they do the majority of spending/ economic stimulus .)

10-24-2011, 08:19 AM   #5
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Maybe Warrent Buffet should get his own taxes current before volunteering other people to pay more.

Warren Buffett's Berkshire Hathaway Owes Taxes Going Back To 2002

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