Billionaire Warren Buffett calls for more taxes on 'mega-rich'

Billionaire Warren Buffett calls for more taxes on 'mega-rich'

Credit: AP

Billionaire Warren Buffett calls for more taxes on 'mega-rich'

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by KING 5 News

KING5.com

Posted on August 15, 2011 at 7:54 AM

Billionaire investor Warren Buffett is calling on the so-called mega-rich to pay more in taxes.
  
Buffett says in a New York Times opinion piece that he would immediately raise rates on households with taxable income of more than $1 million, and he would add an additional increase for those making $10 million or more.
  
He says he and his mega-rich friends have been coddled long enough by Congress, and says it is time for the government to get serious about shared sacrifice.
  
He says he has yet to see anyone shy away from investments due to potential capital gains taxes, even when capital gains rates were much higher in the mid-1970s.

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