Warren Buffett may have inspired President Barack Obama?s ?Buffett Rule,? but the billionaire says the president?s call to tax the wealthy at a higher rate isn?t exactly the same as his own tax proposal.
?I?d rather have some homerun that was hit in Yankee Stadium named after me, that would be the ?Buffet Homerun? or something of that sort,? Buffett joked about the Buffett Rule on CNBC Monday morning, adding, ?But the tax I?m talking about hasn?t really been named after me.?
Continue ReadingBuffett on 'Buffett rule'
Buffett explained that his plan would require everyone making $1 million and more to pay a minimum tax of 30 percent of their income, while those making more than $10 million should pay 35 percent of their earnings, which he agreed many people are already doing.
?Anybody that?s getting hundreds of thousands of capital gains or dividends, it would not change their rates at all,? Buffett said, explaining that his plan would nationally implement the idea of ?shared sacrifice? by making the country?s wealthiest people pay the minimum tax rate.
Buffett has been challenged by a number of parties, including the editorial board of The Wall Street Journal, to make his tax returns public. Last month, the CEO of Berkshire Hathaway responded to the calls by saying he would do so if Rupert Murdoch, the chairman of News Corp., took the lead by also revealing his tax returns.
According to Fortune?s ?World?s Billionaires? list, as of March 2011, Buffett was the third-richest person in the world, with a net worth of about $50 billion, while Murdoch came in at 122th place, with an estimated net worth of $7.6 billion.
Buffett?s name has repeatedly crept into Obama?s tax plan rhetoric as the president sought support for his plan to hike taxes for the wealthy by pointing out that Buffett has said his secretary pays a higher percentage of her income in taxes than he does.
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