Welcome, Guest! - or
Easy to remember!  »  VinNews.com

Omaha, NE - Buffett Urges Congress To Raise Taxes On Wealthy

Published on: November 26, 2012 05:43 PM
By: AP
Change text size Text Size  
Bookmark and Share
FILE - arren Buffett chairman and CEO of Berkshire Hathaway arrives for day one of the Allen & Company's 30th Annual Media and Technology Conference in Sun Valley Idaho, USA, 10 July 2012  EPA/ANDREW GOMBERTFILE - arren Buffett chairman and CEO of Berkshire Hathaway arrives for day one of the Allen & Company's 30th Annual Media and Technology Conference in Sun Valley Idaho, USA, 10 July 2012 EPA/ANDREW GOMBERT

Omaha, NE - Billionaire Warren Buffett is again calling for higher taxes on the “ultrarich” and he’s urging Congress to compromise on spending cuts and tax increases.

Buffett expressed his views on fiscal policy Monday in an opinion article that appeared in The New York Times on the same day Congress returned from the Thanksgiving holiday.

In the article, Buffett mocked the idea that investors would pull back if capital gains taxes increase. Buffett said he’s never seen that happen, even when capital gains taxes were above 25 percent early in his investing career.

Advertisement:

“Let’s forget about the rich and ultrarich going on strike and stuffing their ample funds under their mattresses if — gasp — capital gains rates and ordinary income rates are increased,” Buffett said. “The ultrarich, including me, will forever pursue investment opportunities.”

Buffett, who is chairman and CEO of Omaha-based Berkshire Hathaway Inc., has complained for several years that Congress has been coddling the wealthy, and President Barack Obama even called one of his tax reform proposals the “Buffett Rule.”

His assistant, Carrie Sova, said Buffett was not available for interviews about his tax article Monday. Sova said the only interviews Buffett was doing Monday were part of a promotional campaign for a new book about him.

Buffett in his opinion piece said the current tax system has contributed to the growing gap between rich and poor. He said he supports Obama’s proposal to end the Bush tax cuts for the wealthy, but he’d prefer setting the point where taxes increase at $500,000 income, instead of the $250,000 the White House proposed.

He also reiterated his call for a minimum tax of 30 percent on income between $1 million and $10 million, and a 35 percent rate for income above that.

Buffett said both Republicans and Democrats will have to make major concessions to deal with the nation’s fiscal problems. Congress is trying to address the so-called “fiscal cliff” of automatic tax increases and spending cuts that could be triggered at the start of the new year.

“All of America is waiting for Congress to offer a realistic and concrete plan for getting back to this fiscally sound path,” Buffett said. “Nothing less is acceptable.”

Berkshire Hathaway owns more than 80 companies; including insurance, utility, railroad, furniture, jewelry, manufacturing, restaurant and apparel companies. Berkshire’s insurance and utility businesses typically account for more than half of his company’s net income.


More of today's headlines

Trenton, NJ - New Jersey Governor Chris Christie, a Republican star who has enjoying record-high popularity for his hands-on approach to Superstorm Sandy, on Monday... Los Angeles, CA - The Egyptian-born Coptic Christian who made the anti-Islam film that sparked protests across the Muslim world has no regrets about his insulting...

 

Total12

Read Comments (12)  —  Post Yours »

1

 Nov 26, 2012 at 06:15 PM Geulah Says:

Investors, real investors and not speculators or gamblers, couldn't care less about capital gains taxes as their holdings are long term. They will not have any issue with tax raises. Those who look at trading as a game and a get rich quick opportunity will have issues. Accordingly the fiscal cliff will be nothing more than a molehill to the majority of Americans - most of the millionaires in Congress should be the most affected as though they weren't heavily diversified and had most of their assets in trusts.

2

 Nov 26, 2012 at 06:23 PM hey_you_never_know Says:

I only wish to have to pay 35% tax on 10,000,000

3

 Nov 26, 2012 at 06:38 PM Reb Yid Says:

I don't think that 250K qualifies as rich in the NY area. That's one of the most inequitable parts of the tax code that no one seems to be talking about. Making 100K in NY makes you taxed as a rich guy, while making 75K in Podonk doesn't, even though the Podonk guy will have a much higher standard of living.

4

 Nov 26, 2012 at 06:51 PM victorg Says:

Obama's categorization of 250k as wealthy is laughable.

That is 2 people making 125k each and that is not wealthy, it is struggling to make ends meet

5

 Nov 26, 2012 at 06:57 PM DRE53 Says:

I keep on arguing for a few years that buffet is talking shtusim.
And here's why:
When someone pays the lower CG rates on, let's say, qualified dividends, we need to take into account that the corporation distributing these dividends already paid the 40-50% (bet. Fed, state and city).
Hece, the lower rates aren't that low anymre.
Ever heard about "double taxation"? Well that's exactly what I'm talking about.

6

 Nov 26, 2012 at 09:09 PM Brooklynhocker Says:

Raising taxes on the rich won't do anything if Obama keeps on spending and giving it away. First you plug the hole in the bottom of the boat then you worry about the water.

7

 Nov 26, 2012 at 09:31 PM Adadad Says:

I don't have a problem with taxing millionaires more but don't see how that is going to reduce the deficit to much

8

 Nov 26, 2012 at 10:27 PM Anonymous Says:

Torah requires us to take compensation for the indignity of the widow and the orphan as well as the weak and the sick. So if you ask me, increasing taxes is exactly what Torah orders in an era of ultra prosperity. And if you want to be clear, wait until you find out your own children are poor.

9

 Nov 27, 2012 at 12:36 AM Chelmisher Economics Says:

Reply to #8  
Anonymous Says:

Torah requires us to take compensation for the indignity of the widow and the orphan as well as the weak and the sick. So if you ask me, increasing taxes is exactly what Torah orders in an era of ultra prosperity. And if you want to be clear, wait until you find out your own children are poor.

We are not in an era of ultra-prosperity. We are in an era of decline. Taking from the industrious rich and creating even more poverty by depriving them of funds they would use to create jobs is the chessed of Sdom.

Leftist economic ideas remind me of Chelm, where they were so happy to find a real evyoin for matnois le'evyoinim that they made sure he remained an evyoin all his life.

10

 Nov 27, 2012 at 12:47 AM TexasJew Says:

Move to Texas- we have no State income tax.
Any house worth over 1.5 million dollars(in New York area) shouldn't be allowed home deductions.
I'd like to see a value added tax and do away with income taxes.The rich pay more and the poor/middle class pay a lot less.

11

 Nov 27, 2012 at 11:32 AM Kzler Says:

Reply to #9  
Chelmisher Economics Says:

We are not in an era of ultra-prosperity. We are in an era of decline. Taking from the industrious rich and creating even more poverty by depriving them of funds they would use to create jobs is the chessed of Sdom.

Leftist economic ideas remind me of Chelm, where they were so happy to find a real evyoin for matnois le'evyoinim that they made sure he remained an evyoin all his life.

You must be an economist of Chelm. Millionaires who "invested gambling" in wall street and called by "Goldman Sachs muffets" do not create jobs but try to increase their personal wealth. If you have so much money for "risk investments" and apparently Goldman Sachs made billions on these rich suckers you should also pay a fair share in proportion to your income as the one who works on the assembly line in Detroit or maybe become a fine "investor in Sands" or Macau. The "industrious rich" are rich because they have special priveleges under the taxation, inherited wealth and offshore tax avoidance no "industrious" effort

12

 Nov 27, 2012 at 09:47 PM Anonymous Says:

Reply to #9  
Chelmisher Economics Says:

We are not in an era of ultra-prosperity. We are in an era of decline. Taking from the industrious rich and creating even more poverty by depriving them of funds they would use to create jobs is the chessed of Sdom.

Leftist economic ideas remind me of Chelm, where they were so happy to find a real evyoin for matnois le'evyoinim that they made sure he remained an evyoin all his life.

Don't worry about our era not being "ultra prosperity". I mean just drive down any major towns intersections and look at the expensive automobiles people are paying well more than the average auto cost. Just go to any shoreline and look at the nice yachts. These people have more than enough money to put a dinner on their own table and they fret with the dignified yet undignified poor about their own poverty. Either way you look at it, Chelm is not your fashion and the fashion of America is to be dignified. Lets start by being a decent hospitable nation that does not leave our children poor.

13

Sign-in to post a comment

Scroll Up
Advertisements:

Sell your scrap gold and broken jewelry and earn hard cash sell gold today!