Buffett pledges 15% of his income to boost US economy

Billionaire investor Warren Buffett has pledged to give a chunk of his income to help pay down the US' national debt, if politicians do the same.

Buffett, one of the richest men in the world, said he would donate 15%of his income to the government, provided that 10% of Congress agreed to do so as well.

Speaking to Bloomberg, Buffett reportedly said: "If you can get a significant percentage of Congress to do that, I would do it," he said. "10% of Congress, sure.

"It is not that contributions will amount to anything significant - but it draws attention to it [the issue]."

Buffett, the 81-year-old chairman and chief executive of Berkshire Hathaway, has long campaigned for the richest Americans to do more to boost the economy and address the sprawling budget deficit.

The US is currently running a budget deficit of around $1trn, and Buffett said people who are making millions of dollars should be moved up to the "mid 30s" in terms of the percentage of their income they pay in tax.

While Americans pay 35% tax on income, some of the country's richest people only pay 15% in capital gains tax.

Buffett included himself in the 80,000 or so taxpayers who, he said, were paying a lower percentage of taxes and should pay more.