We Pay 30% Tax, Warren Buffer Pays 17% – Now, That Is Congressional Engineering

We Pay 30% Tax, Warren Buffer Pays 17% – Now, That Is Congressional Engineering

It seems America is running a regressive or whatever primitive tax system. We never know the rich guys are paying 17% when they take more than 1/4th of our income. But kudos to Warren Buffer, we now know that the more money you make, the lesser tax you have to pay, percentage wise.

 

In an Op-ed article in New York Times, the billionaire investor Warren Buffett, saying he doesn’t want to be “coddled” by Congress, says that wealthier Americans should pay higher taxes, and that higher taxes do not dampen job growth.

 

The philanthropist said that his 2010 federal tax bill, including income and payroll taxes, was $6,938,744.

 

“That sounds like a lot of money,” wrote the Omaha, Neb.-based billionaire. “But what I paid was only 17.4% of my taxable income – and that’s actually a lower percentage than was paid by any of the other 20 people in our office.”

 

He also made comments on the job creation.  He said that 40 million jobs were created between 1980 and 2000, when the tax rate for the rich was higher than it is now. “You know what’s happened since then: lower tax rates and far lower job creation,” he wrote.

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