Should Warren Buffett Pay More In Taxes?
by John Goodman
August 16, 2011
I hope he doesn’t. Here’s why.
Writing in The New York Times the other day, Buffett claimed that he and others like him pay too little in taxes. As he’s said before, he calculates that his tax rate is lower than his secretary’s and that’s not fair. In his own words:
Last year my federal tax bill -- the income tax I paid, as well as payroll taxes paid by me and on my behalf -- 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.