Australian Greens Leader Bob Brown today welcomed billionaire investor Warren Buffett’s support for a tax on the “mega-rich”.
“The Oracle of Omaha is calling for the same outcome as is Australian Greens policy. The wealthy can pay a fair share of tax and the sun will still rise in the morning,” Senator Brown said in Canberra.
“Mr Buffett has sensibly urged members of Congress to immediately raise income tax rates on income above $1 million, and impose a sharper rise for those making more than $10 million, in line with the Greens’ long-standing proposal for a 50% rate on taxable incomes above $1 million in Australia,” Senator Brown said.
In a column in The New York Times, entitled “Stop Coddling the Super-Rich,” Mr Buffett wrote that he paid almost US$7 million in income tax last year, but that was a rate of only 17.4 percent. The tax burdens of the other 20 people in his office ranged from 33-41% and averaged 36%. The US should end the “extraordinary tax breaks” provided to the mega-rich, Mr Buffett wrote.