The Rich Speak on Taxes: Who’s For & Against Raising Taxes on Wealthy?

August 16, 2011  |  

By Alexis Garrett Stodghill

Warren Buffet is making headlines yet again for proclaiming that the richest Americans should pay more taxes. While not at all a new statement from him, his message is perking up ears anew due to the compromise struck by President Obama in order to get the debt ceiling raised. While the deal contains $3 trillion in spending cuts affecting middle-income and poor Americans, it contains no new taxes on the rich. The superwealthy Buffet is upset at the tax protection Congress routinely doles out to him and his ilk — and he thinks that now is the time to stop this “coddling” (as he calls it). And Warren is not alone. At the same time, some megarich citizens understandably disagree. Here is what other paid in the shade Americans think about higher taxes, and what the wealthy can do to help our nation grow.

 

Warren Buffett: The Rich Should Pay More Taxes

Buffet recently told The New York Times that Congress should stop sparing the super-rich from paying their fare share as the rest of America copes with cuts in salaries and social programs. In his op-ed, the billionaire investor outlined that: “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. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as ‘carried interest,’ thereby getting a bargain 15 percent tax rate.” By comparison, most Americans face a 25% tax rate on wages.

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