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.