Buffett Prefers Cutoff For Elimination Of Bush Tax Cuts At $500,000

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President Barack Obama presents investor, industrialist and philanthropist Warren Buffett with the 2010 Medal of Freedom in the East Room of the White House on Feb. 15, 2011 in Washington, D.C. (credit: Chip Somodevilla/Getty Images)

President Barack Obama presents investor, industrialist and philanthropist Warren Buffett with the 2010 Medal of Freedom in the East Room of the White House on Feb. 15, 2011 in Washington, D.C. (credit: Chip Somodevilla/Getty Images)

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OMAHA, Neb. (CBSDC/AP) — Billionaire Warren Buffett is again calling for higher taxes on the “ultrarich” and he’s urging Congress to compromise on spending cuts and tax increases.

Buffett expressed his views on fiscal policy in an opinion article in the New York Times on Monday.

In the article, Buffett mocked the idea that investors would pull back if capital gains taxes increase. Buffett says he’s never seen that happen.

Buffett 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 called for an end to former President Bush’s tax cuts for the wealthy.

“I support President Obama’s proposal to eliminate the Bush tax cuts for high-income taxpayers. However, I prefer a cutoff point somewhat above $250,000 — maybe $500,000 or so,” Buffett wrote.

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.

(TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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