Warren Buffett Makes Case to Raise Taxes on the Wealthy

Warren Buffett, one of the richest people in the world, agrees with President Barack Obama that the super wealthy should be footing a greater share of their income for the tax bill.

Buffett says that he pays less tax, which was over $7 million for tax year 2010, than 20 other people in Berkshire Hathaway. Many of the super-rich are investors, who's income originate from investments, not a regular paycheck. If held for over a year, taxes on capital gains are limited to 15%, thus the lower tax bill.

Another reason why the rich get richer?