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Warren Buffett Says Rich Should Pay More Taxes

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Warren Buffett thinks the wealthy should pay more taxes.

Specifically, the CEO of Berkshire Hathaway, and second wealthiest man in America, tells Christiane Amanpour that the rich should be paying more taxes and that the Bush-era tax cuts for the wealthy should be left to expire.

“I think that people at the high end -- people like myself -- should be paying a lot more in taxes,” Buffett said. “We have it better than we've ever had it."

Ok, but what about the argument that tax cuts promotes spending, investment and entrepreneurial activity?

Nonsense, says Buffett: "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.”

Check out a preview of the interview here.

Of course, this isn’t the first time Buffett has called for higher taxes on the well-heeled. For instance, as he once told Tom Brokaw: “The taxation system has titled toward the rich and away from the middle class….in our office, my total taxes came to 17.7%. The average for the office was 32.9%. There wasn’t anybody in the office from the receptionist on who paid as low a tax rate.”

The billionaire investor has been very busy making the media rounds lately. He recently penned an op-ed, in which he expressed his heartfelt thanks to Uncle Sam for riding to the rescue during the financial crisis. He then also dialed in for a chat with CNBC, where he explained his ‘Thank You’ note in greater detail and, for good measure, spent some time explaining why he prefers stocks over bonds.

“I think short-term or long-term bonds are a very poor investment at today’s prices,” Buffett said.
POSITION:  No positions in stocks mentioned.

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