Buffett: Mega rich should pay more

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A topic from News & Current Affairs: Political

laresMon 15/08/11 20:16

"Warren Buffett has called for Congress to make him and his "mega-rich friends" pay more income tax.

In a piece in the left-leaning New York Times, the billionaire investor and philanthropist said the rich should do more to help plug the deficit. He called for a tax rise for those earning more than $1m (£600,000), and a higher rate for those on over $10m.

In a rebuttal of arguments made by Republicans, he said tax rises would not hurt investment or jobs in the US. He told Congress to "stop coddling the super-rich". "Our leaders have asked for 'shared sacrifice'," he wrote. "But when they did the asking, they spared me."

Mr Buffett explained that, like many top earners, his income came entirely from investments rather than from employment, which are subject to lower taxes in the US.

He said last year he paid an effective tax rate of 17.4%, less than the 33% to 41% paid by the employees in his office.

He dismissed arguments made by senior Republicans, including John Boehner, speaker of the House of Representatives, that taxing higher earners more would damage investment and job creation in the US."

http://1sq.me/nsT3OP

I wonder if Osborne will listen as he talks up a tax break for the rich even now.

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