Warren Buffet Asks for Higher Taxes (On Super Rich)

This morning, the New York Times is running a special Opinion article from Warren Buffet.

Mr.Buffet, not a stranger to championing higher taxes, mentions his rate as 17.4%, netting him a tax bill of just under $7 million on an approximate gross income of $40 million for 2010.  Buffet compares this rate with his carried interest income (private equity/hedge fund) friends who pay 15% on much of their income, to other workers in a much higher bracket but with lower incomes.

Mr. Buffet chides the politicians as “having a friend” in high places to help him and other super rich friends pay lower taxes, even as they do not need it.

Mr. Buffet’s candid comments may lead to a few less holiday cards from his fellow “super rich” friends, however, his line in the sand seems to be far higher than the $200k incomes often spoken of during political debates.

Interesting food for thought!

Have a Good Day!

JK

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