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Warren Buffett says megarich should pay more in taxes

Billionaire investor Warren Buffett is calling on the so-called megarich to pay more in taxes.

Buffett said Monday in a New York Times opinion piece that he would immediately raise rates on households with taxable income of more than $1 million, and he would add another increase for those making $10 million or more.

He also recommends the 12 members of Congress charged with devising a deficit-cutting plan leave rates for 99.7 percent of taxpayers unchanged.

"My friends and I have been coddled long enough by a billionaire-friendly Congress," Buffett wrote. "It's time for our government to get serious about shared sacrifice."

Buffett noted that the megarich pay income taxes at a rate of 15 percent on most investment income but practically nothing in payroll taxes. The middle class, meanwhile, falls into the 15 percent and 25 percent income tax brackets and is hit with heavy payroll taxes. He said Washington legislators "feel compelled to protect us, much as if we were spotted owls or some other endangered species."

Buffett said he knows many of the megarich well, and most wouldn't mind paying more in taxes, especially when so many fellow citizens are suffering. He also said he has yet to see anyone shy away from investments because of tax rates on potential gains, even when rates were much higher in the mid 1970s, 1980s and 1990s.

"People invest to make money, and potential taxes have never scared them off," he said.

Warren Buffett says megarich should pay more in taxes 08/15/11 [Last modified: Monday, August 15, 2011 10:28pm]
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