This video is actually about 6 months old – but it gave me another reason to like Warren. He is (or has been) fighting to increase the tax rate on the rich and lower it for the middle class.
(added 05/07 – oops, it turns out the video isn’t showing up in some browsers… so here is the link if you can’t see it…)
His tax rate is lower than mine – how about everyone else?
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{ 4 comments… read them below or add one }
Buffett should reveal the average yearly wage for his office staff as well as their tax rate.
It would be interesting to know, but I would bet that it is a fair wage. It probably isn’t higher than average, but I would think just from reading about him that it is fair.
I think I heard that Buffett still only has a salary of $100,000 a year – the same that he has had for decades. This is quite different than just about every other CEO in the country who makes millions or tens of millions regardless of performance.
My quibble isn’t that their wages are fair or not but I think he fudged the tax rates or that they make more than the average person. In order for someone to be paying 32% they have to be making more than $100,000.00. If that is true then they are in at least the top 2% of wage earners in our country. My adjusted gross was in the neighborhood of $54,000 and I paid 6.5%. So either his office workers don’t know much about taxes or they make pretty good wages or he was fudging the tax rates.
Why should the rich pay more taxes than anyone else (as a percentage of their income)? They already pay a vast majority of the total taxes. Pretty soon they will just move out and leave the middle class to pay for the poor. I don’t know why Warren Buffett says he doesn’t pay enough tax, but he can always send in a little extra if he feels guilty.
check out the article below:
http://www.heritage.org/Research/Taxes/BG1253.cfm
Key information from the IRS:
Myth: The rich don’t pay their fair share.
Reality: According to data from the Internal Revenue Service, 15 the top 1 percent of earners pays more than 30 percent of the income tax burden; the top 10 percent pay more than 60 percent; and the top 25 percent pay more than 80 percent. The bottom 50 percent of income earners, on the other hand, pay less than 5 percent of income taxes (see Chart 10).
Best Regards,
Robert Lavoie CPA