Warren Buffett...
Warren Buffett is amazingly rich, super smart and shockingly honest. That is why alot of people, including myself really embrace his views on life, business, and government. His Federal Tax idea would help to correct the problems the Government seems is having with money, and the good news is... This plan if applied, will have a long lasting effect on our economy. Which is what the US really needs right now if we are to regain our AAA Credit Rating.
Warren Buffett's master plan is quite simple and would not cause any harm the common taxpayer one bit... His idea is to Tax him MORE! Not just him mind you, but everyone else that is in his super elite Tax Bracket.
Should the super rich have the smallest percent of tax burden?
Mr. Buffett openly expresses the fact that he feels the super rich don't currently pay enough taxes. After looking at the facts, I have to agree with him. Last year his recorded federal tax burden was a super low 17.4%. Which totaled a mere $6,938,744.
Mr. Buffett ask 20 people that were working in his offce last year about their tax burden and their collected average was a whopping 36% tax. So why is the Super Rich paying a smaller percentage of taxes than the hard working public? Well people like Warren Buffet are able to earn most of their Wealth thru capital gains and dividends, those investments are taxed at a much lower rate than your wages. Here is why; Long-term capital gains and dividends are currently taxed at 15% -- well below the 35% top income tax rate! So shockingly - Your pay the Government to Work!
What about adding taxes on capital gains and dividends? If our Government was to raised that amount to 20% for individuals making more than $200,000 (and couples making more than $250,000) that could raise roughly $107 billion over a decade, the Treasury Department estimated last year.
Robert A. Papoi
