Obama: Warren Buffett Is Right On Taxes
“He said we’ve got to stop coddling billionaires like me,” Obama said at a town hall event in Cannon Falls, MN, a stop on his three-day bus tour. “That’s what Warren Buffett said.”
“He pointed out that he pays a lower tax rate than anybody in his office, including the secretary,” he added. “He figured out that his tax bill, he paid about 17 percent. And the reason is because most of his wealth comes from capital gains.”
“You don’t get those tax breaks, you’re paying more than that,” Obama said.
The president also called for the new Super Committee tasked with $1.5 trillion in deficit cuts to embrace Buffett's proposals for more substantial savings.
Buffett defended increasing taxes from claims that doing so would hurt the economy, writing: "I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation."