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!