Buffett Blasts Low Taxes On Billionaires, Says Congress Must Stop Coddling Them | Daily Ticker - Yahoo! Finance: "The most respected investor and capitalist on the planet, Warren Buffett, took to the pages of the New York Times this morning to bust a myth that has dominated political discourse in recent months:
The idea that raising taxes on super-rich people would hurt the economy.
Buffett observes that his own personal taxes as a percent of his income have plummeted in the past decade, to all-time lows. He observes, as he has before, that he pays a much lower tax rate than his secretary. He calls out the absurdity of hedge-fund managers and other professional investors playing 'long-term capital gains' rates on short-term trading profits.
And then he takes aim at the biggest rationale for preserving these astonishing tax breaks: The claim that, if taxes on deca-millionaire and billionaires were increased, these super-rich Americans would stop investing, thus clobbering the economy and hurting job growth:"
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