Buffett called for the immediate increase in the tax rate for those making more than $1 million, and for a new, higher tax bracket for those making more than $10 million — including dividends and capital gains.
“And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000,” he writes. “You know what’s happened since then: lower tax rates and far lower job creation.”
Buffett also called on the so-called “Super Committee” of 12 members of congress tasked with $1.5 trillion in deficit cuts to exceed that, in order to restore the nation’s confidence in Washington.
He said Congress seems bent on protecting him and other wealth Americans from taxes as if “we were spotted owls or some other endangered species,” but added they can do their part.
“My friends and I have been coddled long enough by a billionaire-friendly Congress,” he writes. “It’s time for our government to get serious about shared sacrifice.”
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