Warren Buffett urges Congress to raise taxes on uber-rich

November 26, 2012

Warren Buffett. (Daniel Acker/Bloomberg)

Billionaire investor Warren Buffett is again pushing for higher taxes on the wealthiest Americans. But he disagrees with President Obama on how much of the Bush tax cuts should be repealed. 

In a New York Times op-ed, Buffett proposes a minimum tax of 30 percent on income of $1 million to $10 million and of 35 percent on income above that. 

That's a variation of what President Obama deemed the "Buffett Rule," which was meant to ensure that millionaires and billionaires paid higher tax rates than their administrative assistants. A proposal based on the idea was filibustered by Senate Republicans. 

Buffett also agrees that the Bush tax cuts for wealthy Americans should expire. He would end the cuts for income above $500,000 a year, while President Obama has called for the cuts to expire for income over $250,000. 

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