Billionaire Warren Buffett urged Congress in a New York Times op-ed on Monday to lose no time in enacting a minimum tax on high-income Americans.
Buffett, who has repeatedly called for higher taxes on the very wealthiest Americans and whose name has been linked to President Obama’s proposal to tax millionaires, suggested that Congress move “right now” to impose a tax of 30 percent on taxable incomes of between $1 million and $10 million, and 35 percent on amounts larger than that.
“A plain and simple rule like that will block the efforts of lobbyists, lawyers and contribution-hungry legislators to keep the ultrarich paying rates well below those incurred by people with income just a tiny fraction of ours,” Buffett wrote. “Only a minimum tax on very high incomes will prevent the stated tax rate from being eviscerated by these warriors for the wealthy.”
Buffett also wrote that he supports Obama’s plan to eliminate the Bush-era tax cuts for high-income earners but prefers a cutoff point “somewhat above” the $250,000 number the president has consistently mentioned.
In the op-ed, Buffett also highlighted the ever-growing gap between the upper and middle classes. He emphasized that millionaires and billionaires would “forever pursue investment opportunities," even when faced with higher tax rates.