Generally speaking, large swaths of Americans believe the rich should be taxed more to make up for the government’s budget deficit. This is the general sentiment despite America’s rich already being in the highest income tax bracket owing 35% of their earnings to Uncle Sam. Interestingly, the rich tend not to actually pay nearly that much and often pay less [percentage] than the middle class. Warren Buffet recently weighed in on the matter wrote an Op-Ed for the New York Times lambasting Congress for letting the rich get away with so much. He wrote that despite paying a seemingly astronomical $6,938,744 in taxes himself, that only equates to 17% – nearly 20% less than his bracket requires. Buffet goes on to out the true tax rates the super wealthy pay thanks to creative accounting and the ability to afford protective financial services.
“While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks … My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.”
Similarly tagged OmniNerd content: