Warren Buffet Slams Legislators: Stop Coddling Billionaires

Warren Buffet took a strong stance against tax breaks for the super-rich in an op-ed published in The New York Times Sunday, noting that "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." Buffet made no qualms about his tax obligations, noting that he paid $6,938,744 in federal taxes last year, which was 17.4% of his taxable income. He wrote that of the 20 people in his office, tax burdens ranged from 33% to 41%, and averaged 36%. Buffet was blunt: "My friends and I have been coddled long enough by a billionaire-friendly Congress. It's time for our government to get serious about shared sacrifice." "I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn't mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering." Buffet made his billions through various value investments over the years. He is worth around $50 billion, and remains active in the management of his Berkshire Hathaway empire. He has undertaken a measure, known as the Giving Pledge, which commits the super-rich to giving a majority of their wealth to philanthropy. Buffet suggested that tiered levels of tax rates be imposed on the rich. [F]or those making more than $1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate," he wrote. Buffet was uncommonly honest in his assessment of Washington-based politics. "These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It's nice to have friends in high places," he wrote.