US billionaire investor Warren Buffett is calling on the "mega-rich" to pay more in taxes
Buffett said on Monday 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 also recommends that the 12 members of Congress charged with devising a deficit-cutting plan leave rates for 99.7 per cent of taxpayers unchanged.
"My friends and I have been coddled long enough by a billionaire-friendly Congress," Buffett wrote. "It's time for our government to get serious about shared sacrifice."
Buffett, who is chairman and CEO of Omaha-based Berkshire Hathaway, has been calling for higher taxes on the super wealthy for several years. He has said the tax system has contributed to the growing gap between rich and poor.
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This guy not only rich but also have a good heart. He is also a well known philanthropist who loves to do charity. He believes in giving more to the people.
In 2006 he made American history by making the largest ever charitable donation by an individual – USD37 billion to the Bill and Melinda Gates Foundation in form of 10 million class B share of his Berkshire Hathaway.
More interesting that he was reported to donate his remaining shares to his family's foundation headed by his three kids. His children will not inherit a significant portion of his wealth as he intends to use it for the good of humanity.
According to him, “I want to give my kids enough so that they could feel that could do anything, but not so much that could do nothing."
What a great man.