Most high-net worth business leaders insist that the private sector is far better equipped to fix today’s major problems than inefficient or overburdened government bureaucracies. Entrepreneur Arianna Huffington, speaking to CNBC at this week’s World Government Summit in Dubai, pointed to the urgent need for better health care access and said that “corporations can provide the solution.”
Some, however, like investing guru Warren Buffett, have long called for higher taxes for the wealthy, writing that it’s time to “stop coddling the rich” and distribute wealth more equally.
In a now-infamous New York Times op-ed from 2011, Buffett wrote, “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.”
Buffett has also said he doesn’t see higher tax rates discouraging investment. “People invest to make money, and potential taxes have never scared them off,” he said.