GW RASTOPSOFF, ALASKA NATIVE NEWS
PUBLISHED 08/15/2011 – 8:13 P.M. AKST
NEW YORK-Less than two weeks after the U.S. Congress passed a debt ceiling bill devoid of any revenue increases even as they sliced deeply into spending, Warren Buffett, the world's third wealthiest individual, came out against the U.S. and our practice of "Coddling" the country's wealthiest citizens.

Warren Buffett, an Omaha investor worth over $50 billion, submitted an op/ed piece to the New York Times Sunday telling the U.S. government that it should raise the taxes on people earning a million or more a year. He also said that the government should raise taxes further on people earning more than $10 million a year.

Buffett stated in his submission, “While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks,” he continued on to say, “These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.”

This candid announcement by Buffett is far different than the rhetoric that emanated from the floor of the House through the summer as the House Republicans turned back any plan that would include ending tax breaks for individuals that owned private jets or closing any tax loop-holes enjoyed by America’s wealthiest. The rationale put forth by House and Senate Republicans was that any increase of any kind would stifle job growth and discourage business in the United States.

Buffett’s answer to that claim was put this way, “I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, 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.”

Follow this link if you would like to read Warren Buffett’s Op/Ed piece in its entirety.