Buffett calls for a minimum tax on America's super-rich
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Tuesday 27 November 2012
Warren Buffett, the billionaire investor who favours a greater burden on the wealthy, yesterday called for a minimum tax on America's millionaires but proposed a higher threshold for increased taxes on the rich than the one put forward by the White House.
Mr Buffett, who earned the moniker "The Sage of Omaha" as he built Berkshire Hathaway into a multi-billion enterprise through decades of canny investing, hit back at the suggestion the rich would somehow "go on strike" if asked to cough up a little bit more.
"The ultra-rich, including me, will forever pursue investment opportunities," he wrote in a New York Times editorial that came as the President and Republicans on Capitol Hill attempt to reach a deal on averting the so-called "fiscal cliff" of automatic tax hikes and spending cuts that kick in unless agreement is reached by the end of the year.
Among the White House's demands as it attempts to forge a pact with Congress is for an end to Bush-era sops for the super-wealthy.
Mr Buffett, while agreeing in principle with the President's position, said that, unlike the White House, "I prefer a cutoff point somewhat above $250,000 (£156,058) – maybe $500,000 or so".
He also suggested a new minimum tax for the super-rich.
"I would suggested 30 per cent of taxable income between $1m and $10m, and 35 per cent on amounts above that," he explained.
"Only a minimum tax on very high incomes will prevent the stated tax rate from being eviscerated by these warriors for the wealthy," he added, referring to the legion of Washington lawyers and lobbyists employed by the very rich to stymie such changes.
- 1 This restaurant has misunderstood the concept of 'cheese and biscuits'
- 2 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 3 PornHub turns masturbation into energy in bid to save the planet
- 4 Have sex with your iPad thanks to the new sex toy no-one asked for
- 5 The 'sex selfie stick' lets you FaceTime the inside of a vagina
Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
PornHub turns masturbation into energy in bid to save the planet
Spiritual leader allegedly manipulated 400 men into removing testicles to be 'closer to God'
The 'sex selfie stick' lets you FaceTime the inside of a vagina
'This is what Islam tells us to do': A rare glimpse inside a Saudi Arabian prison – where Isis terrorists are showered with perks and privileges
New theory could prove how life began and disprove God
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
This is what it's like to be dead, according to a guy who died for a bit
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
iJobs Money & Business
£20000 - £21000 per annum + uncapped commission: SThree: As a graduate you are...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£15000 - £16000 per annum: Recruitment Genius: A Customer Service Advisor is r...
£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...