Warren Buffett, the third richest person according to Forbes, agreed that the ultra-rich like him should be taxed more. The legendary investor said that the wealthy are undertaxed compared to the general population.
The Berkshire Hathaway chair has a history of supporting this view. In 2011, he wrote an article in the New York Times titled “Stop Coddling the Super-Rich.” In the paper, he admitted that Congress had coddled him and his billionaire friends. He also said the government should “get serious about taxing the wealthy.”
Buffett, who has an estimated net worth of $88.3 billion according to Forbes, lamented that the wealth inequality “has widened” and would continue widening unless the government takes steps.
The legendary investor also said that the U.S. should use the fruits of its economic progress to provide for the less fortunate and those who cannot take care of themselves, the same manner that a family would give assistance to one of its own.
Earlier, Bill Gates, the second richest person, said the wealthiest people should provide for the poor. Gates and Buffett vowed to give away a considerable part of their wealth to The Giving Pledge, an organization they both founded to encourage the ultra-rich to commit a portion of their wealth to philanthropy.
Recently Democrat lawmakers including Alexandria Ocasio-Cortez and Elizabeth Warren have proposed higher taxes on the wealthy on the purpose of bridging the widening wealth gap. Ocasio-Cortez wanted 70% marginal tax on persons with more than $10 million in income, while Warren presented a plan for a 2% tax on people with assets $50 million or more and 3% to people with more than $1 billion in wealth.
