Amanda Terkel aterkel@huffingtonpost.com | HuffPost Reporting
WASHINGTON -- Billionaire Warren Buffett rebutted claims that the Obama administration is unjustly hurting business orders with high taxes by saying that in fact, the wealthy have never had it so good.
I think that people at the high end, people like myself, should be paying a lot more in taxes. We have it better than we've ever had it.
When ABC's Christiane Amanpour pointed to critics' claims that the very wealthy need tax cuts to spur business and capitalism, Buffett replied:
The rich are always going to say that, you know, 'Just give us more money, and we'll go out and spend more, and then it will all trickle down to the rest of you.' But that has not worked the last 10 years, and I hope the American public is catching on.
Buffett wrote a New York Times op-ed in the form of a letter to "Uncle Sam," thanking him for saving the U.S. economy:
Both Microsoft co-founder Bill Gates and his father, Bill Gates, Sr., recently came out in support of a Washington state measure to tax citizens making $200,000 or more.
Rightardia has discussed the coddling of the affluent that started during the Reagan era and continued during the presidencies of the two Bushes. There is little empirical evidence to prove these tax cuts are beneficial to the US economy. Republicans suggest the retirement of the Bush tax cuts will hurt small business, but only 3 per cent of small businesses have people that fall into the top two income tax brackets.
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