We Need a Minimum Tax on Über Rich

Warren Buffett: Taxes won't deter wealthy investors
By Matt Cantor,  Newser Staff
Posted Nov 26, 2012 7:53 AM CST
We Need a Minimum Tax on Über Rich
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)

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. (Read more Warren Buffett stories.)

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