OMAHA, Neb. - "The Republicans are out of their cotton-picking minds on this issue," to quote Berkshire Hathaway Vice Chairman Charles Munger, a self-described right-wing Republican. Social Security is "one of the most successful things that our government has ever done,".
Berkshire Hathaway Chairman Warren Buffett, a Democrat, suggested raising the retirement age and said benefits should pay more to retirees with the lowest income and personal wealth. The government should also levy more Social Security taxes by lifting a cap that stops taxing annual income above $90,000, Buffett said at Berkshire's annual meeting here.
"I have great trouble with people who say this system can't be sustained," Buffett said. "A rich country takes care of its young and it takes care of its old."
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