Warren Buffett's Tax Rate is Lower than His Secretary's

Warren Buffett, one of the most rich people in the world feels he pays too little taxes by percentage. He thinks that most billionaires should pay more for taxes. For this, he compares how much he pays as a tax rate with the people that work for him. It is no secret that Buffett, the oracle of Omaha, doesn't have a great deal in common with his fellow billionaires. He sees a fundamental injustice that he says touches all Americans. The taxation system has affected the middle class in a way that he does not appreciate it too much. Warren talks about this in public, and he says that he pays a much lower tax rate than others. His total paid taxes in payroll plus income taxes came to 17.7 percent, and the average for all the office was 32.9 percent, and there wasn't anybody in the office from a receptionist.

He has no tax planning, he doesn't have an accountant, tax shelters, he is just following what the US Congress told him. His critics of the lower tax paid by hedge fund managers rate millions of dollars from the investments made by others. Those in the Congress say they work hard in the process of working hard to make other people money.

Warren Buffett's employees have no idea about the tax rates they were paying until he told them. Buffett isn't confident that the Congress will agree with his idea, but that doesn't mean that he is going to stop speaking out after all. His employees trust him now that he could rewrite the rules. He believes he is paying lower rate taxes, but does that also mean by extension he feels he should pay more to the Federal Government? He thinks this is just an unjustifiable system because the payroll taxes should be bumped up.

Warren Buffett quotes from this video:

  • I dont have a tax planning, an accountant or tax shelters
  • The taxation system has affected the middle class in a way that I don't appreciate it too much
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Submitted by YouTube Trader on Tue, 04/06/2010 - 16:58

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