Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

Buffett Says Congress Coddles The Rich

NEW YORK, Aug. 15 (UPI) — Billionaire investor Warren Buffett said Congress has for too long spared the wealthiest Americans from paying their fair share in U.S. taxes.

“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,” Buffett, known as the Oracle of Omaha, said in an opinion piece published in The New York Times Monday.

“Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering,” Buffett said.

Buffett indicated he was astonished that Congress, year after year, panders to the nation’s wealthiest citizens.

“Stop coddling the super-rich” was the headline above the article, in which Buffett said tax breaks “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,” Buffett wrote, with a touch of sarcasm.

Buffet said the top 400 richest American taxpayers earned taxable incomes that totaled $16.9 billion in 1992 and paid federal taxes at a rate of 29.2 percent.

By 2008, however, the 400 richest in the country earned a taxable sum of $90.9 billion “but the rate paid had fallen to 21.5 percent.”

In his own office, Buffett, the chairman and chief executive of Berkshire Hathaway and one of the richest men in the world, said he paid a tax rate lower than 20 of his staff members.

“We mega-rich continue to get our extraordinary tax breaks,” he wrote.

Buffett challenged the 12-member committee in Washington charged with putting together a $1.5 trillion austerity package to raise revenues collected from the wealthiest Americans.

“It’s time for our government to get serious about shared sacrifice,” he wrote.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

Facebook Conversations

Join the Discussion:
View Comments to “Buffett Says Congress Coddles The Rich”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.