Writing in the Washington Post, David Ignatius suggests the tide may be turning against the rich paying too small a percentage in their taxes:
Even the wealthy -- at least those with social consciences -- seem to share the new concern about restoring fairness to the tax system. The most prominent critic is mega-billionaire Warren Buffett, chief executive of Berkshire Hathaway and a director of The Washington Post Co. He famously admonished his fellow moguls a month ago that they were paying a lower tax rate than the people who cleaned their offices -- and offered them $1 million if they could prove otherwise.
A measure of just how rich the new financiers are is a list compiled annually by Alpha magazine of the top 25 hedge fund managers. Average earnings for these financial titans last year were $570 million, an increase of 57 percent from 2005. "In total, the top 25 earners raked in more than $14 billion, equivalent to the GDP of Jordan or Uruguay," writes Alpha. You read sentences like that and you wonder why there isn't a revolution against a global financial system that produces such disparities.
Warren Buffett pays 17% of his income in taxes. I pay a higher percentage than that. So do most other households in the U.S. That ain't right. And Buffett agrees.