1. Sacrifice

    Warren Buffett: Raise My Taxes

    Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., speaks at a meeting with insurance customers in New Delhi, India, on Friday, March 25, 2011. Buffett, the billionaire who urged Congress in 2009 to guard against inflation, said investors should avoid long-term fixed-income bets in U.S. dollars because the currency's purchasing power will decline. Photographer: Pankaj Nangia/Bloomberg via Getty Images *** Local Caption *** Warren Buffett

    Bloomberg / Getty Images

    “While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks,” Buffett writes in Monday’s New York Times, noting that many investment managers pay only a 15 percent tax rate. He even details his own tax return: the $6,938,744 he paid last year was just 17.4 percent of his taxable income. Buffett attacks the idea that higher taxes lead to lower investment, writing, “People invest to make money, and potential taxes have never scared them off.” He suggests immediately raising taxes on people earning more than $1 million, with an additional hike for those earning more than $10 million.

    Read it at The New York Times