Monday 19 March 2018

Warren Buffet asks Congress to tax super-rich more

Warren Buffet, one of the richest men in the world, has asked US Congress to start taxing those who make over $1m a year more.

Dubbed the ‘Oracle of Omaha’, the chairman and chief executive of Berkshire Hathaway, wrote in the New York Times today:"my friends and I have been coddled long enough by a billionaire-friendly Congress."

Most of these people, he claimed, "wouldn’t mind" being told to pay more tax.

He pointed out that compared with the 20 colleages in his office, he paid the lowest federal tax or 17.4pc of just under $7m.

"If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine," Mr Buffet wrote.

"But if you earn money from a job, your percentage will surely exceed mine — most likely by a lot."

His op-ed article directly addressed the new 12-member Congressional "super committee" that will be tasked with cutting $1.5 trillion in federal spending in the next 10 years.

The super committee has until November 23 to come up with its recommendations. If it fails, or Congress refuses to enact its proposals, automatic spending cuts will kick in across the board.

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