Warren E. Buffett, an investor who is one of the wealthiest people in the world, wrote an Op-Ed article in The Times this week arguing that the “super-rich” should be required to contribute more to the United States economy in the form of taxes, and says that most wealthy people wouldn’t mind doing so. Do you agree or disagree?
In his Op-Ed, “Stop Coddling the Super-Rich,” Mr. Buffett argues that he and his “mega-rich friends” have not been called to sacrifice a greater percentage of their wealth to help the economy:
I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.
Twelve members of Congress will soon take on the crucial job of rearranging our country’s finances. They’ve been instructed to devise a plan that reduces the 10-year deficit by at least $1.5 trillion. It’s vital, however, that they achieve far more than that. Americans are rapidly losing faith in the ability of Congress to deal with our country’s fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness. That feeling can create its own reality.
Job one for the 12 is to pare down some future promises that even a rich America can’t fulfill. Big money must be saved here. The 12 should then turn to the issue of revenues. I would leave rates for 99.7 percent of taxpayers unchanged and continue the current 2-percentage-point reduction in the employee contribution to the payroll tax. This cut helps the poor and the middle class, who need every break they can get.
But for those making more than $1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.
My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.
Students: Tell us what you think about Mr. Buffett’s ideas. What are the arguments both for and against his position? Why do you think Congress has not enacted his suggestions? Do you think it should? Do you think it will? Would you like to see the very wealthy contribute more to the economy in the form of taxes? If you were super-rich, would you be willing to be subject to a relatively high tax rate, as Mr. Buffett is?
In his Op-Ed, “Stop Coddling the Super-Rich,” Mr. Buffett argues that he and his “mega-rich friends” have not been called to sacrifice a greater percentage of their wealth to help the economy:
I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.
Twelve members of Congress will soon take on the crucial job of rearranging our country’s finances. They’ve been instructed to devise a plan that reduces the 10-year deficit by at least $1.5 trillion. It’s vital, however, that they achieve far more than that. Americans are rapidly losing faith in the ability of Congress to deal with our country’s fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness. That feeling can create its own reality.
Job one for the 12 is to pare down some future promises that even a rich America can’t fulfill. Big money must be saved here. The 12 should then turn to the issue of revenues. I would leave rates for 99.7 percent of taxpayers unchanged and continue the current 2-percentage-point reduction in the employee contribution to the payroll tax. This cut helps the poor and the middle class, who need every break they can get.
But for those making more than $1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.
My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.
Students: Tell us what you think about Mr. Buffett’s ideas. What are the arguments both for and against his position? Why do you think Congress has not enacted his suggestions? Do you think it should? Do you think it will? Would you like to see the very wealthy contribute more to the economy in the form of taxes? If you were super-rich, would you be willing to be subject to a relatively high tax rate, as Mr. Buffett is?