Business
9:26 am
Mon November 26, 2012

Buffett: minimum tax needed on income above $1 million

OMAHA, Neb. (AP) — Billionaire Warren Buffett is again calling for higher taxes on the "ultra-rich" and he's urging Congress to compromise on spending cuts and tax increases.

Buffett expressed his views on fiscal policy in an opinion article Monday in The New York Times.

In the article, Buffett mocked the idea that investors would pull back if capital gains taxes increase. Buffett says he's never seen that happen.

The head of the conglomerate Berkshire Hathaway Inc. reiterated his call for a minimum tax of 30 percent on income between $1 million and $10 million, and a 35 percent rate for income above that.

Buffett says both Republicans and Democrats will have to make major concessions to put the nation on a fiscally sound path, but he says Americans won't accept anything less.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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