Paying taxes is painful… but reading about them shouldn’t be.
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I’m been following the conversations on Warren Buffet and his concerns about the tax system and have to say that I find it fascinating. When one of the wealthiest men in the world criticizing our tax system as “tilted towards the rich,” it’s time to take notice. See what else Buffet has to say:
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Not to be outdone by the Irish, the Russian tax authorities are making noise about a crackdown on taxes paid by the super-rich. However, as opposed to tax breaks, the Russian Federal Tax Service is concentrating on tax evasion as a source of wealth.
There’s no question that there is a giant disparity in the gap between rich and poor in Russia. While many citizens are struggling to find affordable housing and pay for food in an economy that is not exactly booming, Forbes reported that 52 of the billionaires on its rich list were Russian.
What is certain is that some sort of “interregional tax inspectorate” will be created to monitor the income and tax reporting of the super rich. What is not certain is when that might happen. Some agencies are reporting that the inspectorate will begin activities within the next few days. However, the Federal Tax Service is denying that time line, claiming that there are no plans in the “near future” (whatever that means).
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Well, only if you were at a Hillary Clinton fundraiser last night.
The often “out of the box” Buffet, one of the richest men in the world, offered $1 million to any one in the audience who could prove that he paid a tax rate which was higher than those that work for him. Buffett claimed that last year, he made $46 million and was taxed at 17.7%. Those that work for him pay an average tax rate of 32.9% – with the highest rate being 39.7 percent.
“I’m willing to bet anyone in this room $1 million that those rates are less than the secretary has to pay,” said Buffett.
But, of course, you know that I agree with this statement. My own tax rate hovers at more than 32%, taking into consideration SE and related taxes, which is why I recently posted that being middle class in America sucks.
Our tax policy is skewed to favor the wealthy – especially those who are dependent upon “unearned income” which is income from dividends and interest. The rates for unearned income now tend to hover around 15% which is also one of the lowest rates for the those with earned income (meaning those who make low wages). The rates for earned income for the middle class rise sharply.
And if you don’t believe me, shouldn’t you believe Warren Buffet?
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