Warren Buffet, the third richest man in the US, is calling for higher taxes on the wealthy. He's been singing that tune now for several months, but few of the other super-rich are joining in the chorus. According to Buffet's informal survey, his tax rate was just under 18%, and that was with no tax planning or tax shelters. That's 18% as compared to that of everyone else in his office where the average was over 30%. No one paid a lower rate--certainly not his secretary or receptionist.
It's not exactly a revelation that our tax policy is just wrong in any number of ways. I'm not smart enough to know how to fix it, but it doesn't matter. I haven't seen a Congress in the recent past or currently that cares enough or has enough courage to make the kinds of changes necessary to have a fairer tax scheme.
1 comment:
And the 30% is just the burden from federal income taxes. Does not include state tax, property tax, sales tax, excise tax, gas tax, or a variety of other schemes to collect money. If you added up your tax burden, anyone would be lucky to keep half what they are paid - regardless of income level.
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