Warren Buffett: High Corporate Taxes Are an American 'Myth'

Huffington Post by Bonnie Kavoussi

Corporations, like the rich, aren't paying their fair share in taxes, billionaire investor Warren Buffett told CNBC on Monday.

Even while enjoying record profits, corporations last year paid just 12.1 percent of those earnings in taxes, their lowest tax rate since 1972, according to the Congressional Budget Office. At least thirty of the country's most profitable companies had a negative tax rate between 2008 and 2010.

Buffett, for one, says it's time to take notice.

"It's a myth that American corporations are paying 35 percent or anything like it," Buffett said, referring to the top marginal corporate tax rate. "Corporate taxes are not strangling American competitiveness."  Read more.