Billionaire Warren Buffett said that rich people should pay more in taxes and that Bush-era tax cuts for top earners should be allowed to expire at the end of December.
“If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further, But I think that people at the high end -- people like myself -- should be paying a lot more in taxes.” Buffett said in an interview with ABC.
When ABC's Interviewer Amanpour pointed to critics' claims that the very wealthy need tax cuts to spur business and capitalism, Buffett replied, "The rich are always going to say that, you know, 'Just give us more money, and we'll go out and spend more, and then it will all trickle down to the rest of you.' But that has not worked the last 10 years, and I hope the American public is catching on."
Microsoft co-founder Bill Gates also supports the income-tax initiative.
In NYTimes, Warren Buffett has written as Pretty Good for Government Work
Warren E. Buffett is the chief executive of Berkshire Hathaway, a diversified holding company.
He is famous for being one of the richest men in the world, and for being a generous philanthropist.
Currently (as of 2010) he is the third richest man in the world.
He is donating 99 percent of of his wealth to philanthropic causes, primarily via the Bill and Melinda Gates Foundation.
Buffett chose to give the bulk of his fortune to the Bill and Melinda Gates Foundation because he is so impressed by the work that Bill Gates (Microsoft Founder) has been doing with the organization.
The Gates couple and Buffett have been good friends for the past 16 years. The commitment is currently valued at about $31 billion American dollars, making it one of the largest donations ever to be given.
This will be used at the rate of about $1.5 billion each year.
Buffett was born in 1930 in Omaha, US.
Even as a child, Buffett showed an interest in making and saving money. He went door-to-door selling chewing gum, Coca-Cola, or weekly magazines.
For a while, he worked in his grandfather's grocery store. While studying high school, he carried out several successful money-making ideas such as delivering newspapers, selling golfballs and stamps, and detailing cars.
On a trip to New York City at the age of ten, he made a point to visit the New York Stock Exchange. At the age of 11, he bought 3 shares of Cities Service.
He studied B.S. and M.S in Economics.
He take Benjamin Graham as his Mentor/Guru.
He used to say "I’m 15 percent Fisher and 85 percent Benjamin Graham".
Buffett's speeches are known for mixing business discussions with humor.
Each year, Buffett presides over Berkshire Hathaway's annual shareholder meeting, an event drawing over 20,000 visitors from both United States and abroad, giving it the nickname "Woodstock of Capitalism"
Berkshire's annual reports and letters to shareholders, prepared by Buffett, frequently receive coverage by the financial media. Buffett's writings are known for containing literary quotes ranging from the Bible to Mae West, as well as Midwestern advice, and numerous jokes.
Buffett has formally endorsed and made campaign contributions to Barack Obama's presidential campaign.
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