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Buchanan to Buffett: Up Your Own Taxes

Tuesday, 16 Aug 2011 01:11 PM

Warren Buffett has repeated his calls for higher taxes on America's super rich, most recently in an op-ed piece in the New York Times.

Good idea, says one-time Republican presidential hopeful Pat Buchanan: Buffett can write a check and mail it to the government if he likes.

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Warren Buffett
(Getty Images photo)
"Why doesn’t he set an example and send a check for $5 billion to the federal government? He’s got about $40 billion. ... You get all this noise from these big rich folks. Let them send checks and set an example instead of writing op-eds," Buchanan tells MSNBC.

Buffett argues that his most recent tax bill came to 17.4 percent of his taxable income, while tax burdens for those in his office range from 33 percent to 41 percent, averaging 36 percent.

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Pat Buchanan
(Getty Images photo)
"The mega-rich pay income taxes at a rate of 15 percent on most of their earnings (capital gains and dividends) but pay practically nothing in payroll taxes. It’s a different story for the middle class: typically, they fall into the 15 percent and 25 percent income tax brackets, and then are hit with heavy payroll taxes to boot," Buffett writes.

Some agree with Buffett, including financier George Soros.

"George Soros says he agrees and congratulates Warren Buffett," his spokesman tells Reuters.

"The rich are hurting their own long term interests by their opposition to paying more taxes."

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Warren Buffett has repeated his calls for higher taxes on America's super rich, most recently in an op-ed piece in the New York Times. Good idea, says one-time Republican presidential hopeful Pat Buchanan: Buffett can write a check and mail it to the government if he...
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Tuesday, 16 Aug 2011 01:11 PM
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