Billionaire Warren Buffet discussed his views of taxing the rich and why he votes for Democrats in a recent Bloomberg television interview.
The business mogul is in favor of changing the tax rate, saying “somebody from the White House called, not the president, and said they had read my views on taxation. They said would you mind having a tax named after you.”
That tax is called the Buffett Rule and it would have applied a minimum tax rate of 30 percent on individuals making more than a million dollars a year. The law never made its way into action, as it was shot down in 2012 by Congress.
Buffett’s view of taxation is one that raises federal rates on the rich, substantially.
The billionaire wrote in a 2011 New York Times editorial before the Buffett Rule went up for vote that: “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,” he concluded in the editorial.
Buffett also explained why he votes Democrat, despite being raised by a staunch Republican and residing in the conservative state of Nebraska. “Civil Rights more than anything else,” Buffett told Bloomberg. He described how his elementary school was located “just a few blocks away” from an all-black school, and that made a distinct impact on him.
“As I got to see more of the world, I started to see there were a lot of things that were unfair and the democrats seem to be doing a little bit more about it,” Buffett concluded.
Buffett is an outspoken supporter and campaigner for Democratic nominee Hillary Clinton.
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