The United States' second-richest man has delivered a blunt message to the Bush administration: he wants to pay more tax.
Warren Buffett, the famous investor known as the "Sage of Omaha", has complained that he pays a lower rate of tax than any of his staff - including his receptionist. Mr Buffett, who is worth an estimated $52bn (£25bn), said: "The taxation system has tilted towards the rich and away from the middle class in the last 10 years. It's dramatic; I don't think it's appreciated and I think it should be addressed."

During an interview with NBC television, Mr Buffett brandished an informal survey of 15 of his 18 office staff at his Berkshire Hathaway empire. The billionaire said he was paying 17.7% payroll and income tax, compared with an average in the office of 32.9%.

"There wasn't anyone in the office, from the receptionist up, who paid as low a tax rate and I have no tax planning; I don't have an accountant or use tax shelters. I just follow what the US Congress tells me to do," he said.

Mr Buffett also took a pot shot at hedge fund managers. He said: "Hedge fund operators have spent a record amount lobbying in the last few months - they give money to the political campaigns. Who represents the cleaning lady?"

His intervention comes amid an increasingly rancorous debate on Capitol Hill about tax. Shortly after taking office, President Bush pushed through $2 trillion in temporary tax cuts, including sharp reductions for high-earners. These expire at the end of 2010 and the White House wants to renew them.

A leading Democrat, the Harlem congressman Charlie Rangel, published alternative plans this week that would impose a 4% surcharge on people earning more than $200,000 a year, while delivering tax relief to 90 million working families.
http://business.guardian.co.uk/story/0,,2202020,00.html

Yeah but if you raise Warrens tax the right will cry that the left is raising taxes. And Americans are stupid when in comes to anything more then a sound bite. So the right wins.

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Talking about music is like dancing about architecture

There is a difference between stupidity and the lack of an attention span.

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[quote=dabateman;3297]There is a difference between stupidity and the lack of an attention span.[/QUOT

Except when their in your wallet.

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Talking about music is like dancing about architecture

[quote=Mikeyy;3298]I wouldn't call the American public stupid. Impatient perhaps. A tendency to jump the gun without hearing the full situation, maybe. Stupid? No.

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[quote=dabateman;3301]LOL I think jumping the gun without understanding the full situation is stupid. But thats just me.

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Talking about music is like dancing about architecture

[quote=Mikeyy;3302]I see where you are going with this, but your statement was insulting and I was giving you a chance to modify...

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And that evil Bush guy stops Monseur Buffet from paying whatever amount that Warren thinks he should pay. Nobody is stopping him from paying as much as he would like to pay.
And actually the US tax system is set up so that if you don't actually EARN your money then you don't pay taxes on it!
See also that the idiot Buffet doesn't even count the taxes that he is forced to pay for the employees that he has. Remember as an employee you only pay half of the taxes levied on your earnings the employer pays the other half. Not to mention that his corporations and other businesses are also taxed.
Note also that people are NOT taxed for their wealth only for what they EARN in a year.
Oh yea that no bookkeepers or accountants...Yea sure

For those not current in thought please be sure to check out "The Fair Tax". It is an idea who's time has come. It does not penalize workers and will tax even the "underground" economy. It will also tax the wealthy because it is based on what is spent not what is earned.
This is the tax system that is being adopted by the used to be communist countries that have economies growing at 10% rates and higher.
A major note to all of you liberals.YOU CAN NOT TAX A BUSINESS OR A CORPORATION. Any tax placed on a business is just added to the cost of what they produce therefore it is actually a tax on their customers.
Hillary wants to take Exxon's profits and increase their taxes.....WHOM do you suppose will have to pay more to Exxon to cover these new expenses.(note that they do actually make about 10 cents per gallon in profits for all the work involved in finding, drilling, shipping, refining, distributing, researching, providing jobs, paying taxes etc while the government that does actually nothing towards these ends makes about 65 cents per gallon).She also wants to turn all medical care workers into government employees...Thats a smart move.

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"Most people can't think, most of the remainder won't think, the small fraction who do think mostly can't do it very well. The extremely tiny fraction who think regularly, accurately, creatively and without self delusion---In the long run these are the only people that count."Robert Heinlein

Oh yes.
That's a brilliant solution we should adopt for all pay-grades....

So the first response to pointing out taxation inequity is to state that the rich could pay more if they want to...
Brilliant!


Considering the article EXPLICITLY SPECIFIED "income tax" inequity, this observation is flushed down the toilet as meaningless.


In talking about Income Tax inequity, why would he suddenly start in on that?
Again, another meaningless comment.

Just because he pays taxes in other areas doesn't negate equitable tax on income.
The businessman also has TAX WRITE-OFFS not available to the employee.


Based solely on the last sentence alone, without having read the book or article or whatever it is, that's an incredibly ridiculous idea.

Tax-payers have some "equal" ground where it is actually REGRESSIVE tax heavy, and that is on the CONSUMPTION side of the equation.
Or, what is "spent".

The rich and the poor pay for food.
The rich and the poor pay for transportation.
So if a billionaire decides to eat canned tuna and ride the bus like a poor man has to, then they pay the SAME in taxes???


There is a LOT MORE that goes into that equation of "growth" than just "taxes".
I think one of the huge factors would be an issue that they used to be "communist", and are now growing under a DIFFERENT economic system.
Not just the tax system...

Here's the actual tax rates...

The left column is the way taxes were collected BEFORE Bush...

The right column is the tax rate Bush implemented and has been in place since...


Single Single
$0 to $27,050 15%-----------$0 to $6,000 10%
$27,050 to $65,550 28%------$6,000 to $27,050 15%
$65,550 to $136,750 31%-----$27,050 to $136,750 25%
$136,750 to $297,350 36%-----$136,750 and above 33%
$297,350 and above 39.60%

Head of Household Head of Household
$0 to $36,250 15%-----------$0 to $10,000 10%
$36,250 to $93,650 28%------$10,000 to $36,250 15%
$93,650 to $151,650 31%-----$36,250 to $151,650 25%
$151,650 to $297,350 36%-----$151,650 and above 33%
$297,350 and above 39.60%

Married- Joint Filing Married- Joint Filing
$0 to $45,200 15%-----------$0 to $12,000 10%
$45,200 to $109,250 28%------$12,000 to $45,200 15%
$109,250 to $166,500 31%-----$45,200 to $166,500 25%
$166,500 to $297,350 36%-----$166,500 and above 33%
$297,350 and above 39.60%

* Taxable income is income less deductions and personal exemptions.

This leads to this conclusion...

Either Buffet has a list of things he can write-off(deductions and exemptions)...or he's an outright liar...

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