Warren Buffet’s Mantra for Taxing the Rich

August 22 00:00 2011

New York, August 22 (TheAlphaReporter.com) – Warren Buffet has reiterated that the government is not doing enough to tax billionaires like him adequately. It is interesting to note that his tax rate is lower than that of his secretary. He wrote in the Times that although the country’s leaders are asking for “shared sacrifice” to solve its economic woes, billionaires like him are being spared the pain of higher taxes.

However, his critics have lashed out at his suggestions and have called it unfathomable hypocrisy. “If he really wanted to make (the tax code) fair, why doesn’t he propose a wealth tax on everyone over $1 billion worth of wealth of 50 percent once and for all,” Arthur Laffer, chairman of Laffer Associates, told CNBC Thursday. He further stated that Buffet would not suggest that because he would also have to pay that.

Buffet has been repeating his mantra of going after the rich for quite some time as he feels that people like himself should pay a lot more taxes. However, what he fails to appreciate is that the “rich” include couples making over $250,000 and individuals making even less.  As such a large percentage of urban middle class couples fall in that bracket. Moreover, with 49% of Americans not paying any Federal taxes, it is not possible to cut taxes for “the poor”.