When Warren Buffett speaks, people listen, and not just for investing tips. Last month, Buffett published an op-ed piece in the New York Times stating that he and his fellow mega-rich have been enjoying "extraordinary tax breaks" for too long and suggested Congress impose higher rates on taxable income above $1 million.
He hit a nerve, and since his remarks, more of the mega-rich are taking up the call. Rick Steves, who founded a travel empire, publicly announced he's donating the $1 million he saved from the Bush-era tax cuts to charity. He issued a written statement saying that he finds it "alarming" that his tax burden has decreased, to the detriment of public funding of local programs and institutions and is calling for other wealthy individuals to make a similar pledge.
Heck, even the Europeans are feeling the love. Last week, the Wall Street Journal reported that Fiat chairman Luca di Montezemolo told the Italian government that the wealthy should step up to solve that country's debt crisis.
And in France, a group of 16 wealthy individuals has signed a petition asking the government to increase their taxes. "'We are conscious of having benefited from a French system and a European environment that we are attached to and which we hope to help maintain," the petition said.
What do you make of the movement by the wealthy to increase their tax burden?
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