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Rich urge Congress to tax more

By Judy Martel · Bankrate.com
Sunday, November 20, 2011
Posted: 11 am ET

If you think the rich should pay more in taxes, you're not alone. Supporters come from among the millionaire ranks themselves. In the wake of billionaire Warren Buffett's written plea in the New York Times calling for Congress to impose more taxes on the super-wealthy, two dozen millionaires went to Capitol Hill to make their case in person.

"We want to pay more taxes," Doug Edwards, a California millionaire, said.

A 12-member Congressional super committee has until Wednesday to agree on a $1.2-trillion savings plan over the next 10 years, and the group of millionaires wants them to reject any deals that don't include raising taxes on the wealthy. So far, the committee is gridlocked, and members are not optimistic about reaching accord. CNBC reported on Sunday that the members have been blaming each other for the impasse.

The rich who visited the Hill are lobbying to expire the Bush-era tax cuts, which set the highest income tax rate at 35 percent and the long-term capital gains rate at 15 percent.

The emergence of the so-called "Buffett Rule" has taken on more steam since the billionaire's op-ed piece in the New York Times. In the article, Buffett says it's irresponsible for the rich to pay fewer taxes than the majority of the population, especially with the government facing such an enormous deficit.

Do you think Congress will respond and raise taxes on the wealthy?

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3 Comments
Wolverine
November 22, 2011 at 9:35 am

Why would politicians tax themselves? God forbid they do their part.

John Q Taxpayer
November 21, 2011 at 9:08 am

http://www.fms.treas.gov/faq/moretopics_gifts.html

Judy, please forward this to Doug Edwards. This way, he can raise his own tax rate instead of waiting for the government to do it.

Also, a lot of us don't want taxes on the rich to be raised. I don't think we're alone either.

Dwight
November 21, 2011 at 5:57 am

Warren Buffett receive only 100,000k in salary from the compnay he owns. The rest of his money come capital gains, so why don't he tell truth to the people how he uses the loop holes to make his billions. Bufffett comment:(especially with the government facing such an enormous deficit). Beside the people of this country didin't put this country in debt, it was Washington DC, tell them to stop try to enrich the non productive with working people money and stop trying to buy votes.