4 ms·

> 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.

by anamax 15y ago

> 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. I'm pretty sure that he's wrong about their tax rates (or is using numbers that can't be compared to the rate he quotes for him). From http://www.irs.gov/pub/irs-soi/08inratesharesnap.pdf http://www.irs.gov/pub/irs-soi/08inratesharesnap.pdf . "For returns reporting positive adjusted gross income, the top 1 percent of taxpayers had an average tax rate of 23.3 percent; the top 10 percent of taxpayers had an average tax rate of 18.7 percent; and the bottom 50 percent of taxpayers had an average tax rate of 2.6 percent." Supporting data is at http://www.irs.gov/taxstats/indtaxstats/article/0,,id=96679,00.html http://www.irs.gov/taxstats/indtaxstats/article/0,,id=96679,... .

pasbesoin 15y ago
I was sort of listening to the program last night, but as I recall, in the next sentence or three he indicated that his figure included payroll tax. As for "writing a check", I believe Buffet might point out that no one person can, through individual expenditure, fix the problem. He's out to fix the system. He's a competitive businessman. He doesn't mind -- would welcome -- contributing more to the financial well-being of our government and thereby country. However, he wants to do it on a level playing field. Businesses and businesspeople piss and moan about expenses. But Buffet's message is the meat behind the whine: If the playing field is level, people will figure it out, and the smart and savvy players will still succeed -- because they are not tying one arm behind their back while giving their opponent a nine iron. I'd say that's a big part of his point about the current revenue system for the federal government (and many states', I would guess). The small player is cuffed while the big player has sprouted extra arms (for grabbing). I don't agree, or blindly accept, all that he has to say, and when you look behind some of his influence and advice, it certainly has played well into and payed out for his/Berkshire's own investments. But the man has a point: You have to pay for the things you use -- and that includes the rich. And you don't exist, nor succeed, in a vacuum. So (whiny Mini-Me's), stop your caterwauling and fix the country. And "normal" people: Stop electing these idiots (or their tools). [I realize this comment may have started to sound political. But we're discussing what Buffet means with his comments, and this is my take on that.]

by anamax 15y ago

pasbesoin 15y ago

I was sort of listening to the program last night, but as I recall, in the next sentence or three he indicated that his figure included payroll tax. As for "writing a check", I believe Buffet might point out that no one person can, through individual expenditure, fix the problem. He's out to fix the system. He's a competitive businessman. He doesn't mind -- would welcome -- contributing more to the financial well-being of our government and thereby country. However, he wants to do it on a level playing field. Businesses and businesspeople piss and moan about expenses. But Buffet's message is the meat behind the whine: If the playing field is level, people will figure it out, and the smart and savvy players will still succeed -- because they are not tying one arm behind their back while giving their opponent a nine iron. I'd say that's a big part of his point about the current revenue system for the federal government (and many states', I would guess). The small player is cuffed while the big player has sprouted extra arms (for grabbing). I don't agree, or blindly accept, all that he has to say, and when you look behind some of his influence and advice, it certainly has played well into and payed out for his/Berkshire's own investments. But the man has a point: You have to pay for the things you use -- and that includes the rich. And you don't exist, nor succeed, in a vacuum. So (whiny Mini-Me's), stop your caterwauling and fix the country. And "normal" people: Stop electing these idiots (or their tools). [I realize this comment may have started to sound political. But we're discussing what Buffet means with his comments, and this is my take on that.]