Monday, August 15, 2011

If Buffett Wrote A Check To Double His Tax Rate, I Would Be More Impressed

From "Stop Coddling the Super-Rich" by Warren E Buffett:
While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.

Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.
Warren should stop preaching and write a $7 million check to the US to put himself at the same average tax rate as his office workers. I am sure many of his rich friends will follow his example of voluntarily raising their own tax rates by donating to the federal government's revenues.

No comments:

Post a Comment