In anop-ed in the New York Times
<http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?hp>,
the chairman and CEO of Berkshire Hathaway urged politicians in
Washington to raise taxes on the "mega-rich" who have been "coddled long
enough by a billionaire-friendly Congress."
Buffett, who has repeatedly argued for higher taxes on the rich, said
the tax rate on his 2010 taxable income was about
17.4 percent, lower than any of the other people who work for him. Their
rates ranged from 33 percent to 41 percent, he said.
Buffett said the notion that capital gains tax rates should be lower
than taxes on wages because it promotes investment is folly.
"People invest to make money, and potential taxes have never scared them
off," Buffett wrote.
"I have worked with investors for 60 years and I have yet to see anyone
-- not even when capital gains rates were 39.9 percent in 1976-77 --
shy away from a sensible investment because of the tax rate on the
potential gain," he said.
Buffett said that the tax rates on his investment income were higher in
the 1980s and 1990s than they are today and that has resulted in fewer jobs.
"I would note that a net of nearly 40 million jobs were added between
1980 and 2000. You know what's happened since then: lower tax rates and
far lower job creation," he wrote.
On 10/19/2016 11:48 AM, Ron Ristad wrote:
Are you talking about this Warren buffet?
Warren Buffett has backed higher individual tax rates–while
ensuring that his vast wealth in Berkshire Hathaway is almost immune.
What is astounding is not the 17.3% tax rate, but that Buffett’s $39.8 million of taxable income is only about 0.05% of his reported net worth ($71 billion according to Forbes, which put him third on its list of the 400 wealthiest people in the world for 2015).
Proportionately, that’s like someone with an ever-expanding net worth, currently $10 million, reporting taxable income of only $5,000 and paying a federal tax bill of only $900.
