Buffett urges Congress to raise taxes on wealthy

Associated Press Modified: November 26, 2012 at 4:45 pm •  Published: November 26, 2012

He also 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 said both Republicans and Democrats will have to make major concessions to deal with the nation's fiscal problems. Congress is trying to address the so-called "fiscal cliff" of automatic tax increases and spending cuts that could be triggered at the start of the new year.

"All of America is waiting for Congress to offer a realistic and concrete plan for getting back to this fiscally sound path," Buffett said. "Nothing less is acceptable."

Berkshire Hathaway owns more than 80 companies; including insurance, utility, railroad, furniture, jewelry, manufacturing, restaurant and apparel companies. Berkshire's insurance and utility businesses typically account for more than half of his company's net income.

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