Warren Buffett Says Tax the Rich (VIDEO)

The Oracle of Omaha, Warren Buffett, knows a thing or two about making money, even in troubled economic times. So it was refreshing to hear him come out today in favor of furthering tax cuts for most Americans, especially those in the middle and lower middle classes.

It was even more refreshing to hear the billionaire investor call for a tax increase on the richest 2 percent of the country.

To Buffett’s defense, this is not a new position for him. He’s been advocating for a more equal tax system for years, insisting that the rich need to bear a greater share of the overall tax burden. According to Buffett, taxing the very wealthy is the best way for the government to raise much needed capital and those like Senator Mitch McConnell (R-Ky) and Rep. John Boehner (R-Ohio) who insist such a measure would hurt small business don’t really know what they are talking about.

So the question on this issue is, who are you going to believe? A man who made billions from frugal investment choices or two Republicans looking to serve the needs of their corporate constituents?

Read more: economy, middle class, politics, taxes, warren buffett

photo courtesy of Tracy O via Flickr

Disclaimer: The views expressed above are solely those of the author and may not reflect those of
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JAMES M.

8:22PM PDT on Oct 14, 2010

Because its common sence and the right thing to do

send a green star

Karen S.

5:22PM PDT on Oct 10, 2010

Here again, gentle readers, we have what seems to be a national mindset that causes my ulcers to act up: One of the wealthiest people alive has spoken, and said that if he were in control of taxes, he would increase tax on the wealthiest 2% of the population and perhaps cut taxes for all others. This is exactly what we have been needing to hear, yet some writers cannot resist commenting about other people and post their opinions about the tax issue. Why do this? This man is the expert, the PhD of fiance understanding!! He knows of that which he speaks. Could we all please just say, "Thank you, Mr Buffett" and pray that Mr. Bernanke is tapped in to Mr. Buffett's thinking and reasoning. The rest of us are little leaguers, at best. THANK YOU MR.BUFFETT. I WILL PRAY THAT THE POWERS THAT BE HEAR AND OBEY!

Tamula W.

4:29AM PDT on Oct 9, 2010

To Kathryn T.-- Not sure why you singled my comment out for special treatment...
or exactly what you are even saying.
Actually, it's INDIVIDUALS/$200,00 and COUPLES/$250,000.
My post was referring to how both GATES/BUFFET
paid LESS-in-Taxes (relative-to-income) than their
secretaries--and how each thought that was very un-fair.
So why the need to publicly post that I should EDUCATE myself??
I am new here and just realized that each member gets "messages" which show responses to posts/threads, or I would have answered sooner....

Rose N.

4:39PM PDT on Oct 8, 2010

I wholeheartedly agree. Thank you Mr. Buffet.

Grace A.

9:48AM PDT on Oct 8, 2010

All it would take to make the Bush tax cuts expire is a presidential veto that is not over-ridden by a two thirds vote of congress. Middle class tax cuts need to be a separate issue at a somewhat later date. Subsidized jobs both like those for parents coming off TANF in the private sector and community service jobs in the non-profit and public sectors also need to be a separate issue.

Kathryn T.

2:57AM PDT on Oct 8, 2010

Ummm, Tamula W., have you bothered to educate yourself to Obam's stance on giving the allowing the Bush tax breaks to expire? Obama has spoken again and again that only those who are making more than $100,000 per year, or couples that make more than $250,000 per year should be put in a higher tax bracket. Ordinary folks like the most of us would continue at a lower percent tax bracket. And, last I checked, Obama was the sitting president in the While House. Perhaps you should do a little fact checking?

2:49AM PDT on Oct 8, 2010

Warren Buffett is not the only wildly wealthy person that advocates higher taxes on the richest 2% of our population. Recently there was an article re-printed (original was either in the NY Times or the Associated Press) in our local newspaper from the venture capitalist that founded 'Ask.com'. He also is in favor of higher taxes for the wealthy of this country. Yet republicans have their heels dug in to 'protect' the interests of these very people!

Cynthia F.

5:29PM PDT on Oct 7, 2010

I recently learned about this problem in our tax system. Some very big businesses get to declare themselves as small businesses for tax purposes. The article that I read mentioned several examples of companies that made double or triple diget millions of profits in one year. The one that stood out to me is the 2 Koch brothers, who are worth 23,000,000,000 (23 billion) each, are getting small business tax breaks.

Richard C.

2:38PM PDT on Oct 7, 2010

Warren for President.

Beverly C.

12:40PM PDT on Oct 7, 2010

THANK YOU MR. BUFFETT. --Multi-Millionaires and billionaires (like Mr. Buffett) should not only be asked for more money, they should be more than willing to pay more to help our nation and our people. --Americans must look at how Boehner and McConnell's "greedy fat cats" didn't put their big money into building this nation and creating jobs. Most of them invested their money for their own benefit.