Warren Buffett Wants the Rich to Pay More Taxes
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Billionaire Warren Buffett wants the U.S. to stop coddling the super-rich and make them pay their fair share of taxes.
In an op-ed piece in the New York Times Sunday, Buffett said while the poor and middle class fight for us in Afghanistan and struggle to make ends meet, the mega-rich are pampered with extraordinary tax breaks.
He said he paid $6,938,744 in federal taxes last year, or 17.4 percent of his taxable income. Those in his office, who make a lot less than him, had tax burdens that averaged 36 percent. Most middle class families fall in the 15-25 percent tax range.
Buffett said tax rates in the 1980s and 1990s were far higher, yet it didn't stop him from making investments. Buffett said investors want to make money and said none would shy away from a sensible investment because of the tax rate.
In 1992 the top 400 Americans reported $16.9 billion in aggregate taxable income and paid average federal taxes of 29.2 percent on this sum, Buffett noted. In 2008, the aggregate income of the top 400 surged to $90.9 billion, but the average federal tax fell to 21.5 percent.
Buffett recommends raising taxes on those making more than $1 million, or 236,883 households as of 2009. He would recommend raising rates immediately on taxable income in excess of $1 million, including, dividends and capital gains. For those making $10 million or more (8,274 in 2009), he suggest an additional increase in rates.
In an op-ed piece in the New York Times Sunday, Buffett said while the poor and middle class fight for us in Afghanistan and struggle to make ends meet, the mega-rich are pampered with extraordinary tax breaks.
He said he paid $6,938,744 in federal taxes last year, or 17.4 percent of his taxable income. Those in his office, who make a lot less than him, had tax burdens that averaged 36 percent. Most middle class families fall in the 15-25 percent tax range.
Buffett said tax rates in the 1980s and 1990s were far higher, yet it didn't stop him from making investments. Buffett said investors want to make money and said none would shy away from a sensible investment because of the tax rate.
In 1992 the top 400 Americans reported $16.9 billion in aggregate taxable income and paid average federal taxes of 29.2 percent on this sum, Buffett noted. In 2008, the aggregate income of the top 400 surged to $90.9 billion, but the average federal tax fell to 21.5 percent.
Buffett recommends raising taxes on those making more than $1 million, or 236,883 households as of 2009. He would recommend raising rates immediately on taxable income in excess of $1 million, including, dividends and capital gains. For those making $10 million or more (8,274 in 2009), he suggest an additional increase in rates.
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