Billionaire Warren Buffett Urges Congress To Raise Taxes On Wealthy

OMAHA, Neb. (November 26, 2012)--Billionaire Warren Buffett was again calling Monday for higher taxes on the "ultra-rich" and he's urging Congress to compromise on spending cuts and tax increases.

Buffett expressed the views on fiscal policy in an opinion article Monday in The New York Times in which he mocked the idea that investors would pull back if capital gains taxes increase.

Buffett says he's never seen that happen.

The head of the conglomerate Berkshire Hathaway Inc. reiterated his call for a minimum tax of 30 percent on income between $1 million and $10 million, and a 35 percent rate for income above that.

Buffett says both Republicans and Democrats will have to make major concessions to put the nation on a fiscally sound path, but he says Americans won't accept anything less.

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