16 Aug 2011

Buffett wants rich to pay more in taxes

1:58 pm on 16 August 2011

Billionaire American investor Warren Buffett wants the rich to pay more in taxes.

In a New York Times opinion piece, Mr Buffett wrote that he would immediately raise rates on households with taxable income of more than $US1 million and he would add an additional increase for those making $US10 million or more.

He also recommends the 12 members of Congress charged with devising a deficit-cutting plan leave the rates unchanged for 99.7% of taxpayers.

He says he and his friends have been coddled long enough by a billionaire-friendly Congress, and it's time for the federal government to get serious about shared sacrifice.

Mr Buffett, who is chairman and chief executive of Berkshire Hathaway, has been calling for higher taxes on the wealthy for several years.