In a New York Times Op-ed, Buffett, who has a net worth of $46 billion, advocated that taxable income between $1 million and $10 million should be taxed at a minimum rate of 30 percent, and income above $10 million should be taxed at 35 percent.
His column was published yesterday, just as Congress returns from a holiday recess to resume negotiations over the fiscal cliff which includes automatic spending cuts as well as the expiration of Bush-era tax breaks for both the middle class and the wealthy.
Arguing that the minimum tax is necessary “right now”, Buffett also said he supports President Barack Obama’s proposal to eliminate tax cuts for high-income earners, although he would set the cut-off at $500,000 a year, rather than the $250,000 threshold advocated by the President.
Citing the recently published Forbes list of wealthiest individuals in America, Buffett noted that the collective wealth for America’s richest 400 had grown to $1.7 trillion this year, more than five times the $300 billion total in 1992.
“In recent years, my gang has been leaving the middle class in the dust,” he admitted.