Buffett reiterates call for higher taxes

Billionaire Warren Buffett is again calling for higher taxes on the ultra-rich.

He’s also urging Congress to compromise on spending cuts and tax increases, as the fiscal cliff is fast approaching.

Buffett expressed his views on fiscal policy in an opinion article Monday in The New York Times, wherein he mocked the belief investors would pull back if capital gains taxes increased.

The head of the conglomerate Berkshire Hathaway is calling for a minimum tax of 30% tax on income between $1 million and $10 million, and a 35% rate for income above that level.

Read: Buffett: Rich should pay more tax

He says both Republicans and Democrats will have to make major concessions to put the nation on a fiscally sound path.

In other news, Financial Times says Moody’s now faces a ban on rating products issued by Berkshire Hathaway. It says the potential ban is due “to a European Union clampdown on alleged conflicts of interest at credit rating agencies.”

As a result of EU action, it says agencies may be forced to abstain from rating products associated with their big shareholders.

Further, “Investors [may] also be banned from buying more than 5% of two rating agencies. It’s not clear how these measures would apply to ratings in the U.S., however.

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