Tax Relief? Buffet Wants None of It

While most Americans are looking for tax reliefwherever they can find it, billionaire investor Warren Buffett would actually like to see his taxes increased.

How could I not mention Warren Buffett today? He is all over the news for his New York Times opinion piece about how the government should raise his taxes and the taxes of all the “mega-rich.” He says he would immediately raise rates on households with taxable income of more than $1 million, and he would add an additional increase for those making $10 million or more. He says he and his mega-rich friends have been coddled long enough by Congress, and it is time for the government to get serious about shared sacrifice.

The billionaire investor goes on to say “Last year my federal tax bill . . . was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.”

And what about his mega-rich friends? He says that most of them wouldn’t mind paying more in taxes either! Unbelievable. That can’t be true. They didn’t get where they are by seeking out opportunities to pay more taxes. How could anybody say with a straight face that Buffett’s comments were not politically motivated. One thing is true; President Obama is already citing (and backing) Buffett’s words as he tours the country on his re-election campaign.

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