Buffet Urges Higher Taxes on Billionaires

Omaha, NE, Aug. 15, 2011 -- Warren Buffett said Congress should raise taxes on billionaires to help cut the U.S. budget deficit.

“My friends and I have been coddled long enough by a billionaire-friendly Congress,” the CEO of Berkshire Hathaway, parent company of Shaw Industries, wrote in an opinion piece in the New York Times.

“It’s time for our government to get serious about shared sacrifice.”

Buffett, the billionaire investor, said his taxes amounted to 17.4% of his taxable income, which was a lower percentage than was paid by any of the other 20 people in his office.

Buffett also said that raising taxes on the super wealthy wouldn't harm the economy or job creation.

Related Topics:Shaw Industries Group, Inc.