Hip Hop Mogul Russell Simmons: ‘All My Employees…Paid More Taxes Than I Did’ | Like Warren Buffett, hip hop mogul Russell Simmons, whose net worth is estimated at $340 million, is calling on President Obama to raise his taxes. “For far too long in this country we have allowed the rich to get richer and the poor to get poorer,” Simmons wrote, calling on policymakers to preserve social safety net programs for the most needy. Simmons, who has also joined with the Occupy Wall Street protests, appeared on MSNBC today to discuss his cause. “All my employees — every single one — paid more taxes than I did,” he said, noting that he donated $10 million to charity and thus received big tax breaks. “We need to make the rich pay their fair share.” Watch it:
Simmons also shot down conservative claims that raising taxes on the wealthy would hurt job creation, saying he makes all his hiring decisions based on pre-tax, not post-tax income.