Skip Nav
Disneyland Just Released Its 2017 Halloween Merchandise, and It's SO Good
7 Private Islands You Can Rent
Cheap Flight Day Is Almost Here — Here's What You Need to Know About It

Warren Buffett's Op-Ed New York Times Piece

Buffett Wants Higher Taxes For the Über-Rich

In an op-ed piece in The New York Times today, billionaire philanthropist Warren Buffett eloquently advocated his belief that the superwealthy should be taxed more and that the government should quit "coddling" them. Here's an excerpt:

Our leaders have asked for "shared sacrifice." But when they did the asking, they spared me. I checked with my megarich friends to learn what pain they were expecting. They, too, were left untouched. While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we megarich continue to get our extraordinary tax breaks.

Buffett stated that he was taxed lower than his employees percentage-wise and that although he paid $6,938,744 in taxes last year, it only made up 17.4 percent of his taxable income. Why should he and the other wealthy individuals be protected by the government when the rest of the country is struggling to earn a living? He proposed tax rates should be raised immediately for those making over $1 million, and those who make over $10 million should get an even higher tax rate.

It has long been argued that taxing those in the highest income bracket will lead to less job creation because there is less incentive for them to invest, but Buffett says he and other investors didn't invest less back in the '80s and '90s when tax rates were much higher for the richest. The higher tax rates weren't much of a deterrent. Do you agree with Buffett — is the government "coddling" the rich?

Image Source: Thinkstock
Join The Conversation
tigr3bianca tigr3bianca 6 years
The rich are taxed less and less but the economy isn't getting better is it? No. The rich are taxed the lowest rate in more than 50 years yet there is a job shortage. Sorry, higher taxes for the rich doesn't translate into less jobs. Rich people can also afford tax lawyers to decode the tax laws and get 10 times the tax breaks. We really need to close the tax loopholes and simplify the tax code. Once we do that, then hike up taxes on the rich so they can't wriggle their way out.
Syntara Syntara 6 years
I have a relative who sides with the Tea Party (saying he'd rather drink Party Tea than Party Kool-Aide). Thus, he says the uber-rich ARE taxed too much. I shared the Buffett op-ed with him from this site. His response? That he is a flaming liberal just like I am in his opinion, and that collectively me an my kind are the reason this nation is in the trouble it is in. Sounds like pundit-points to me. He also maintains that this nation's political system is a Representative Republic. Again, I maintain that this is another pundit-point. Yes, in the original Constitution that IS how things were set up, but in 1913 the general democratic public began voting in our Senate leaders rather than the state legislatures, making this nation a Democratic Republic, which others agree. He told me he would pray for me. Of late, there are pundits AND political figures who want to be pure Constitutionalists, but I feel you cannot ignore the Amendment to the Constitution in 1913 that made this change to allow that much of a democracy stance to be a part of our political system. Again, I heard "I will pray for you." In response, I offered him the same.
Should I Hire Someone to Do My Taxes?
Preparing Your Child For Kindergarten
Plant-Based Protein Powder Comparison
Signs of Spoiled Child
From Our Partners
Latest Afforable DIY & Organization
All the Latest From Ryan Reynolds