Alexander Ryking

Billionaire investor Warren Buffett says that it’s a “myth” that high taxes are “strangling” U.S. corporations…

“What the rate should be are rates that bring in about 18.5 or so percent of GDP [gross domestic product] as revenue,” the Oracle of Omaha explained. “The interesting thing about the corporate rate is that corporate profits, as a percentage of GDP last year were the highest or just about the highest in the last 50 years. They were 10 and a fraction percent of GDP. That’s higher than we’ve seen in 50 years.”

He continued: “The corporate taxes as a percentage of GDP were 1.2 percent, $180 billion. That’s just about the lowest we’ve seen. So our corporate tax rate last year, effectively, in terms of taxes paid for the United States, was around 12 percent, which is well below those existing in most of the industrialized countries around the world.”

Warren Buffett has a message for Rupert Murdoch and the Wall Street Journal: Sure, I’ll release my tax returns, if you do too.

Last week, the Wall Street Journal published an editorial that asked Buffett to disclose his tax returns. The piece, “Mr. Buffett’s Tax Secrets,” took issue with Buffett’s plan to hike taxes on some of the super-rich.

The Journal’s conservative editorial board doesn’t think that’s a great idea, saying that Buffett should instead “educate the public” by letting “everyone else in on his secrets of tax avoidance by releasing his tax returns.”

Asked about the editorial on Tuesday at Fortune’s Most Powerful Women Summit, Buffett said he was willing to release his tax returns, on one condition:

“I think it might be a terrific idea if they would just ask their boss, Rupert Murdoch, and he and I will meet at Fortune, and we’ll both give you our tax returns and you can publish them,” Buffett said.

“I’m ready tomorrow morning,” he added.

Representatives from News Corp., the parent company of the Wall Street Journal, did not immediately respond to requests for comment.