Billionaire Warren Buffett is again calling for higher taxes on the “ultrarich” and he’s urging Congress to compromise on spending cuts and tax increases.
Buffett expressed his views on fiscal policy yesterday in an opinion article that appeared in The New York Times on the same day Congress returned from the Thanksgiving holiday.
In the article, Buffett mocked the idea that investors would pull back if capital gains taxes increase. Buffett said he’s never seen that happen even when capital gains taxes above 25 percent early in his investing career.
“Let’s forget about the rich and ultrarich going on strike and stuffing their ample funds under their mattresses if — gasp — capital gains rates and ordinary income rates are increased,” Buffett said. “The ultrarich, including me, will forever pursue investment opportunities.”
Buffett, chairman and CEO of Berkshire Hathaway, has complained for several years that Congress has been coddling the wealthy.