Billionaire investor Warren Buffett urged US lawmakers to raise taxes on the country's super-rich like him to help cut the budget deficit. "My friends and I have been coddled long enough by a billionaire-friendly Congress. It's time for our government to get serious about shared sacrifice," The 80-year-old "Oracle of Omaha" wrote in an opinion article in The New York Times.
Buffett said higher taxes for the rich will not discourage investment. "I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9% in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain," he said. "People invest to make money, and potential taxes have never scared them off."