6:35 a.m. Warren Buffett makes a valid point …

In a column headlined ‘ Stop Coddling the Super Rich , ‘ Buffett wrote in The New York Times on Monday that he paid $6,938,744 in income tax last year , only 17.4 percent of his taxable income …

” That’s actually a lower percentage than was paid by any of the other 20 people in our office. ” Buffett wrote. ” Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent ” …

Buffett urged members of a new congressional ‘ supercommittee ‘ looking at ways to balance the budget to raise rates immediately on taxable income in excess of $1 million and even more for those making more than $10 million.

” My friends and I have been coddled long enough by a billionaire-friendly Congress , ” Buffett wrote. ” It’s time for our government to get serious about shared sacrifice ” …

via Obama says Warren Buffett is right about taxes | Reuters.

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