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Berkshire Hathaway CEO Warren Buffett discusses why he and other “ultra-wealthy” Americans should pay more in taxes.
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You support the president 100%.
Year sure I I don't support every policy out but I support the -- 100% sure.
Not as it at a time when this country is really struggling with business would do not support somebody say your friend Jamie Dimon has been talking a lot with Mitt Romney who -- a businessman or.
Jon Huntsman was also a businessman who's been centrist and -- well I don't.
What Jamie Dimon will do when He goes in the voting both -- all I don't think anybody else does.
Jamie generally agrees with me on social policies -- I agree with -- -- put it that way -- so I I would not bet I would not that -- Hollywood vote -- -- We've had so many traders run up to us asking about the fact that real tax now that of course started when you put out the -- bad but you said it before that He felt that the will she.
The wealthy should pay more in taxes however this time around.
A United States president has taken it turned it into a proposal for an actual -- attacks on.
What you mean by the wealthy should pay more because the first thing people cried out about was that that the top 1% of earners are paying 70% of the taxes out.
I didn't say the -- -- -- wealthy should pay more I should that I said the -- -- -- who are paying very low tax rate should pay more and the figures show.
-- the 400 top taxpayers in the United States who earned an average of almost 230 million dollars -- we're paying 21%.
In a combined payroll tax and income tax which is well below what.
Most well all the people in my office right now.
What I'm talking about -- not apply to somebody that made five billion dollars a year as a baseball player ten million dollars a year.
-- media whenever it it would apply only to the people probably 50000 people out of 309 billion.
Who have huge incomes pay very low tax.
Talking in a way about a lot of money managers who pay 15% because of that carried interest -- -- I'm trying to clarify because people adults say you're telling millionaires if the paid more than 39%.
No not not not all true.
Now that the leader whose pay 39% out.
We'll not have an extra dime of taxes the person making twenty million a year whose regular guy will not pay an extra dime in taxes I won't pay an extra -- Because I make a lot of my income -- money you are saying though that debt to capital gains taxes.
From selling stock should be -- I'm saying that if you make.
Ten million dollars or more there should be a minimum tax.
And if you make a lot of my capital gains that have some effect but I'm not saying that your capitalized actor cap the cap these capital gains taxes should be changed at all.
I wanted to clarify that because it seemed to be we're talking a lot about the money managers -- -- -- fifteen or 20% but that would include a new guy you just hired Ted Wexler who.
Was paying probably around that level and -- will pay more under -- that -- in working for us.
If He makes many millions of dollars will pay perfectly normal income taxes on that.
Under my provision under the president on his taxes won't change at all got a lot of this if Warren Buffett feels so guilty at why doesn't He pay his secretaries taxes out well.
I I I heard it -- I'd probably United States senators that what it they just make it voluntary.
I would say if you -- country with a deficit of over trillion dollars.
And you think it could be solved by voluntary tax treatment should you sort of believe in the tooth very.
There should be a policy.
That applies to people who.
With that money -- lots of money and a very low rates if they earn it by normal jobs might might what I'd.
