Buffett calls out Congress for 'Coddling Billionaires'

"OUR leaders have asked for 'shared sacrifice.' But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched." This is how billionaire Warren Buffett opened a letter to congress this week, asking them to stop "coddling billionaires."

LOS ANGELES (Catholic Online) - Buffet said Monday in a New York Times opinion piece that if it were up to him, he would immediately raise tax rates on households with taxable income that exceeds $41 million. And he would add another increase for households making $10 million or more. He also called on the famous "Gang of 12" lawmakers who are responsible for developing a deficit reduction plan to leave rates for 99.7 percent of all Americans unchanged - taxing only the super rich.

"Job one for the 12 is to pare down some future promises that even a rich America can't fulfill." Buffett added, "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."
 
In his letter, Buffett noted that the mega-rich pay income taxes at a rate of 15% on most investment income but practically nothing in payroll taxes. The middle-class typically falls intot he 15%-25% tax brackets and is hit with heave payroll taxes. He added that Washington legislators try to protect billionaires like they're some kind of, "endangered species."

He also pointed out that it's the poor and the middle-class that's doing the fighting overseas and sacrificing the most at home. Buffett explained that through his personal connections, he knows his billionaire friends wouldn't mind paying higher taxes at a time when so many others are suffering. He also said that he has not seen investors shy away from higher tax rates, pointing out higher rates from the mid 70's through the 90's. "People invest to make money and potential taxes have never scared them off."

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