Warren Buffett, telling it like it is to Tom Brokaw:
The taxation system has tilted towards the rich and away from the middle class in the last ten years. It's dramatic, and I don't think it's appreciated. And I think it should be addressed.
In our office, 15 people cooperated in a survey out of 18... My total taxes paid - payroll taxes plus income taxes - Mine came to 17.7%. The average for the office was 32.9%. There wasn't anybody in the office, from the receptionist on up, that paid as low a tax rate. And I have no tax planning, I don't have an accountant, I don't have tax shelters. I just follow what the U.S. Congress tells me to do.
Because payroll taxes have a maximum wage base of $97,500 (in 2007), any money earned above that isn't taxed for Social Security. That's just crazy. Why should the greatest payroll tax burden fall on those making less than $100,000 a year (that's about 90% of households in the U.S.), while for those who make more than $100,000 a year (the other 10%), everything above the wage base is gravy? Aren't the rich, well, rich enough?
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