Warren Buffett
It was music to the 99%’s ears. Warren Buffett, the second richest man in the United States, questioned why he should pay a tax rate of 17.4%, lower than everyone else in his office, who averaged 36%. (Much of Buffett’s wealth comes from investment income and is taxed at the capital gains “bargain” rate of 15%.) He also attacked arguments that raising tax rates would dissuade investors or impede jobs creation, explaining that none of his super-rich friends would shy away from a sensible investment because of higher taxes on the potential gain. “My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.” When President Obama introduced his deficit reduction plan, he called his proposal for a minimum tax on people making more than $1 million “the Buffett Rule.”