“My friends and I have been coddled long enough by a billionaire-friendly Congress,” said Warren Buffett, one of the world’s three richest people, in an op-ed he wrote for the New York Times. Buffett continued, “It’s time for our government to get serious about shared sacrifice,” adding that he believes higher taxes for the rich will not discourage investment.
“I have worked with investors for 60 years and I have yet to see anyone – not even when capital gains rates were 39.9 percent in 1976-77 – shy away from a sensible investment because of the tax rate on the potential gain,” he said.
“People invest to make money, and potential taxes have never scared them off.”
It’s worth noting that according to Buffett, his federal tax bill last year was $6,938,744, an amount that according to Buffett totaled only 17.4 percent of his taxable income. “That’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent,” Buffett said.
Stop coddling the super-rich? Sounds like a good idea to me.