February 25, 2019 / 1:40 PM / 21 days ago

Buffett says wealthy Americans are 'definitely undertaxed'

Warren Buffett, CEO of Berkshire Hathaway Inc, gestures while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. REUTERS/Rick Wilking

(Reuters) - Billionaire investor Warren Buffett said on Monday that the wealthy, including himself, are not paying enough taxes.

“The wealthy are definitely undertaxed relative to the general population,” Buffett, the chairman of Berkshire Hathaway Inc, told CNBC television on Monday.

“As we get more specialized, the rich will get richer,” he continued. “The question is: ‘How do you take care of a guy who is a wonderful citizen whose father died in Normandy and just doesn’t have market skills?’ I think the income tax credit is the best way to address that.”

“That probably means more taxes for guys like me, and I’m fine with it,” he said.

Buffett, 88, spoke after Charlie Munger, his 95-year-old business partner and Berkshire vice chairman, told CNBC earlier this month that states like California and Connecticut have been “stupid” for driving rich people away.

After regaining control of the House of Representatives in the 2018 midterm elections, some Democratic lawmakers have been calling for higher taxes on the wealthy.

They include Alexandria Ocasio-Cortez, a Democrat from New York City, who has proposed a 70 percent marginal tax on incomes over $10 million to bridge the growing wealth gap between the rich and poor.

Reporting By Jennifer Ablan and Jonathan Stempel; Editing by Steve Orlofsky

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