Buffett: Tax My Mega-Rich Friends and Me

The wealthy investor challenges leaders to get serious about shared sacrifice.

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Warren Buffett (Getty Image)

In a New York Times Op-Ed this weekend, billionaire investor Warren Buffett says he and his very wealthy peers need to be taxed more, especially when so many poor and middle-class Americans are suffering. He says that he and his peers have been "left untouched" by so-called shared sacrifice and wants to know why legislators in Washington are protecting the rich "much as if [they] were spotted owls or some endangered species." 

Read an excerpt:

While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks ...

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. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.

Twelve members of Congress will soon take on the crucial job of rearranging our country's finances. They've been instructed to devise a plan that reduces the 10-year deficit by at least $1.5 trillion. It's vital, however, that they achieve far more than that. Americans are rapidly losing faith in the ability of Congress to deal with our country's fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness. That feeling can create its own reality.

... My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.

Read more at the New York Times. 

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