We Need a Minimum Tax on Über Rich
Warren Buffett: Taxes won't deter wealthy investors
By Matt Cantor, Newser User
Posted Nov 26, 2012 7:53 AM CST
In this Tuesday, June 5, 2012, file photo, Warren Buffett speaks during the Economic Club of Washington's 25th anniversary celebration dinner in Washington.   (AP Photo/Cliff Owen, File)

(Newser) – Warren Buffett is taking another stand in the tax debate. In a New York Times op-ed this morning, the Berkshire Hathaway boss calls on Congress to establish a minimum tax on the richest Americans, "right now." His proposal: "30% of taxable income between $1 million and $10 million, and 35% on amounts above that," he writes. "Only a minimum tax on very high incomes will prevent the stated tax rate from being eviscerated by ... warriors for the wealthy" like lobbyists and legislators seeking donations.

After all, it's only fair: "In recent years, my gang has been leaving the middle class in the dust," Buffett writes. And Grover Norquist needs to get real, because higher taxes will never stop investors. "The ultrarich, including me, will forever pursue investment opportunities." Buffett also offers his support for President Obama's effort to end the Bush tax cuts for the wealthy, though he proposes defining the wealthy a little differently: people making about $500,000 a year, rather than $250,000. Yes, the tax code needs revision, Buffett notes, but that's not a reason to put off these straightforward rules. "We can’t let those who want to protect the privileged get away with insisting that we do nothing until we can do everything." Click for Buffett's full column.

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Showing 3 of 79 comments
Gloryfornone
Mar 3, 2013 3:20 PM CST
Wrong, we don't need a minimum tax on the rich. If you tax something you get less of it and earning income is no different. One only need to look at the very high taxes in California and Hawaii to see that very high taxes on the wealthy does not create balanced State budgets. Exactly the opposite occurs, businesses move out to low tax states like Texas. Arizona, and Florida. The people left behind go around crying for more government handouts on money that no longer exists. This is Socialism to its ultimate ending and that is State bankruptcy and National government insolvency. Wake up America were becoming like Greece on a runaway train with Obama at the controls.
atbov2
Nov 26, 2012 4:31 PM CST
I still don't trust Buffett, but it's nice to hear the "if taxes go up we will stop investing" argument called B.S., which is what it is. Sure, the uber-rich will just give up because they'd rather be poor than pay 4 more percentage points in taxes. Complete nonsense.
fractal
Nov 26, 2012 3:52 PM CST
If the whiny rich want to go somewhere else to invest, fine. They can go there to live, also. The U.S. has a lot to offer in terms of stability and comfort. Those who want to be in America, but not of America, should be forced to pack their bags. Good riddance.