In a recent op-ed in the New York Times, Berkshire Hathaway’s chairman stated that it is time for tax reform to happen and it needs to happen at the top.
“This outrage points to the necessity for more than a simple revision in upper-end tax rates, though thatâ€™s the place to start,” he wrote. “I support President Obamaâ€™s proposal to eliminate the Bush tax cuts for high-income taxpayers.”
However, in his opinion the tax cuts should start at a much higher dollar amount, $500,000, as opposed to the $250,000 minimum suggested by President Obama and the Democrats.
Small business owners are balking at the idea of having their taxes increase, saying that it will add stress to expanding business. Buffet says that he isn’t necessarily talking to those who comprise the middle class or even the upper middle class: He is directing his comments to the ultra rich.
According to Buffet, his financial group of peers made around $97,000 per hour in 2009, yet one-quarter of his crew paid 15 percent in combined payroll and federal income, half paid 20 percent and some paid even more.
Buffett suggests that Congress get involved and enact a minimum tax of 30 percent on incomes between $1 million and $10 million and 35 percent on incomes above $10 million.
For more on Buffet’s missive to his peers and the government, click here.