Warren Buffett is proposing a higher threshold for an increased tax on the wealthy than President Barack Obama – the “Oracle of Omaha” says he prefers boosting taxes only on those making more than $500,000 a year, according to a New York Times op-ed published Monday.
Obama has proposed a $250,000 limit.
“I support President Obama’s proposal to eliminate the Bush tax cuts for high-income taxpayers. However, I prefer a cutoff point somewhat above $250,000 – maybe $500,000 or so,” Buffett, who has endorsed Obama, wrote in The Times.
He also suggested a minimum 30 percent tax on income between $1 million and $10 million, and a 35 percent tax on amount above that.
“A plain and simple rule like that will block the efforts of lobbyists, lawyers and contribution-hungry legislators to keep the ultrarich paying rates well below those incurred by people with income just a tiny fraction of ours,” Buffett wrote.