Business, Economics and Jobs

Warren Buffett says no time to waste on raising taxes on wealthiest Americans


Billionaire Warren Buffet is renewing calls for the government to raise taxes on the wealthiest Americans.


Alex Wong

Billionaire investor Warren Buffett has renewed calls for the government to raise taxes on the wealthiest Americans.

Buffett wrote in a recent New York Times op-ed that the middle class was being left in the dust while the richest Americans sat on increasing piles of cash.

The chief of Berkshire Hathaway said that so-called "job creators" would not stop investing if rates went up.

"So let’s forget about the rich and ultra-rich going on strike and stuffing their ample funds under their mattresses if — gasp — capital gains rates and ordinary income rates are increased," wrote Buffett in the New York Times.

"The ultra-rich, including me, will forever pursue investment opportunities."

Buffett is in favor of raising the minimum tax on those earning above $1 million dollars, said Bloomberg.

He wants a tax of 30 percent on income between $1 million and $10 million and 35 percent for those who earn above $10 million.

He also said loopholes should be eliminated.

Buffett pointed out in an op-ed last year that because of low taxes on capital gains, he pays about 17 percent of his income in taxes - far lower than his much less wealthy employees.

Bloomberg pointed out that Buffett is seeking to dispel notions that the richest Americans were victims of class warfare waged by the Obama administration.

On Monday, in an interview with PBS' Charlie Rose, Buffett said that six of the 400 richest Americans paid no taxes at all and could be a part of Romney's infamous 47 percent.

"They were members of Romney's 47 percent" Buffett laughed during the interview. "Just a bunch of moochers."