Warren Buffett Urges Higher Corporate Taxes, Kerry Admin?

Warren Buffett Urges Higher Corporate Taxes

By Jonathan Stempel

NEW YORK (Reuters) - Warren Buffett (news - web sites), the world's second-richest person, wants to pay more taxes. And he wants the rest of corporate America to pay more too.

In his annual letter to shareholders of his Berkshire Hathaway Inc. holding company, released on Saturday, the 73-year-old Buffett said Berkshire's taxes rose more than eleven-fold to $3.3 billion from 1995 to 2003, as profits rose ten-fold to $8.15 billion.

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"We hope our taxes continue to rise in the future -- it will mean we are prospering -- but we also hope that the rest of corporate America antes up along with us," said Buffett, who has previously criticized Bush administration tax policy.

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"Tax breaks for corporations -- and their investors, particularly large ones -- were a major part of the administration's 2002 and 2003 initiatives," Buffett said. "If class warfare is being waged in America, my class is clearly winning."

http://story.news.yahoo.com/news?tmpl=story&cid=564&ncid=564&e=5&u=/nm/20040306/ts_nm/financial_buffett_taxes_dc

I think Buffet should be the next Secretary of Treasury or Fed Chairman. He's really been opposed to this administrations tax policy, is a proven businessman, and seems to be a Democrat.

Tax cuts don't mean much in a recessionary economy and falling revenue streams. And Kerry is making a case to get the playing field evened out by reforming the tax code on corporate profits/bogus offshore incorporations to avoid taxes altogether.