by Warren Buffett, one of America’s billionaires is urging Congress to tax wealthier Americans. He explains that higher taxes won’t put a damper on job growth. Monday, in The New York Times, Buffett wrote an op-ed piece that taxes should go up for Americans making $1 million or more per year.As Buffett wrote, much to his credit,
“While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks.”
Obama Backs Buffett’s Idea
President Obama immediately picked up Buffett’s message, saying at a town hall meeting in Minnesota that, “You’re paying more than that. And — now I may be wrong, but I think you’re a little less wealthy than Warren Buffett. That’s just a guess.”
Examples Through Numbers
Buffett gave the example of his own taxes, pointing out that he was only taxed 17.4% on his 2010 federal tax bill, while the middle class has a tax bracket of up to 25%. With this in mind, Buffett has proposed that Congress create a higher tax rate for millionaires, and an even higher rate for people who make at least $10 million a year.In a line for which he should certainly be applauded, Buffett said, “My friends and I have been coddled long enough by a billionaire-friendly Congress,” he wrote. “It’s time for our government to get serious about shared sacrifice.”