Warren Buffett asks US Congress to impose higher taxes for super-rich Americans

By on Aug 16, 2011 in Business, Finance, United States Comments

US billionaire investor Warren Buffett asked the US Congress on Monday, August 15, 2011, to imposed higher taxes for American billionaires like him.

Warren Buffett, attending the Sun Valley
Conference in Idaho (July 2011)

Image Credit: Scott Olson/Getty Images

As noted by Buffett, who wrote an article titled “Stop Coddling the Super-Rich” at The New York Times that day, US Congress should require higher taxes to “super-rich” Americans.

“OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.” Buffett said on his first statement, as he turns 81 this coming August 30.

“Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744.” Buffett explained, who ranked third as 2011 world’s richest man.

According to him, he paid only 17.4 percent of his taxable income, which he claims to be lower than any of the 20 other people who work in his office, noting that his employees’ taxes ranges from 33-41% and averaged at 36 percent.

“If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine — most likely by a lot.” The Chairman and CEO of Berkshire Hathaway added.

“People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation.” Buffett explained further.

On the latter part, Mr. Buffett suggested an increase in tax rate for Americans making $1 million or more a year, while a higher tax rate to those who make $10 million and higher annually.

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