Warren Buffett, the self-made billionaire and son of a former Republican congressman, has widened the rift with his father’s party by pressing for tax increases on the wealthy and reinforcing ties with President Barack Obama.
Buffett endured scorn from Republicans this month after he called the Tea Party approach to budget talks “insane” and proposed raising $500 billion by taxing the richest Americans. Buffett, chief executive officer of Berkshire Hathaway Inc., was cited as an exemplar by Obama at least three times since July....
The wealthy should pay more, given that “the poor and middle class fight for us in Afghanistan” and are often required to contribute a greater portion of their earnings to the government, Buffett said in the Times. He said billionaires had been “coddled long enough” by Congress and proposed increasing some government revenue from capital gains that are currently taxed at 15 percent.
“Buffett has always been in favor of taxes, and he’s always been in favor of a progressive scale,” said Roger Lowenstein, the journalist and author of “Buffett: The Making of an American Capitalist.” “What’s new is that the Republican Party has moved to the right of Genghis Khan.”
-------------
Right! Buffett has "always been in favor of a progressive scale." Read the next story....
-------------
Link: http://www.businessweek.com/news/2011-08-31/buffett-widens-rift-with-republicans-by-faulting-tea-party.html
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.