(CBS NEWS) Billionaire Warren Buffett is again calling for higher taxes on America's "ultrarich" and he's urging Congress to compromise on spending cuts and tax increases.
Buffett said the current tax system has contributed to the growing gap between rich and poor. He said he supports President Barack Obama's proposal to end the Bush tax cuts for the wealthy, but he'd prefer setting the point where taxes increase at $500,000 income instead of the $250,000 the White House proposed.
Buffett expressed his views on fiscal policy Monday in an opinion article that appeared in The New York Times (NYT) on the same day Congress returned from the Thanksgiving holiday.
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