Warren Buffet Will Give You $1 Million Dollars…
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?
Tags: income, middle-class, rich, tax, tax policy, Warren-BuffettRelated Stories
POSTED IN: tax policy, taxes of the rich and (in)famous
12 opinions for Warren Buffet Will Give You $1 Million Dollars…
Buffet is critical… of the rich?
Nov 2, 2007 at 3:28 pm
[…] 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 […]
Rodney Burns
Jan 10, 2008 at 6:25 pm
Dear, Warren Buffet I think you shoul find it in your life to give me a million dollars since you want miss it in this lifetime or the one I hope to come. Where for you to give a little of a lot of what you so deserve will be a lot for me thanks.
Rodney Burns Tifton, GA
MARY R. JOHNSON
May 17, 2008 at 12:45 pm
When you work for the government, they take about 50% of your pay goes back to the government. The fair tax law at 15% should be more then enough. We the people are 99% the IRS is less than 1%. So we the people should be able to say where, when and how our money should be spent. And the people in the Oil business who are making a billion dollars a week profit, should be told to pay their taxes. Why should they go without paying taxes?
AJ
May 26, 2008 at 5:41 pm
Giving money to politicians of any sort is just not right. Stop lining their pockets and help the hard working and poor that really need it. I think of all the people that really could use a financial helping hand, and yes, if I could I would try my best to help if I could. There are so many people that are really good people and reality of the world just does not let them get ahead no matter how hard they try. I know, it’s happened to me over and over again….It’s always the middle and poor that suffer the most. Lets help our own country first, lets ask all the other countries we’ve helped for our money back. We have helped them enough financially, when have they helped us? If I was given a million I would invest in my grandchildrens college/future. If you want to help someone, help me to help them. My grandchildren have a single dad that works 6 days a week just to survive and keep them clothed and fed. He served his country for 10 years and had to come home to take care of his babies by himself. His so called wife abandoned them all for drugs and etc.. It’s just sad!
tommi
Jul 7, 2008 at 11:57 pm
i’m just a woman working 10 hour days trying to survive in america these days. house foreclosed on lost two businesses in the past three years. making slightly more then one dollar over miniumin wages. looking for investors to go forward again.
UH2L
Jul 23, 2008 at 4:08 pm
That’s what we get for putting Republicans in office who want to continue to give tax cuts to the wealthiest.
Warren Buffet is smart and not selfish. He sees the problem with our tax code. The more you have and the more you make, the more loopholes there are to get out of paying tax. Having the lower and middle classes take on a disproportionately high amount of the tax burden does not make for a healthy economy and we’re seeing the effects of it right now.
Steve
Aug 8, 2008 at 11:50 am
I just want to say, why won’t these rich people help the poor now and then. Some of us have tried very hard to just make a living. and then you get ill and can’t work and all the years you did work don’t amount to anything. I’ve had 3 heart attacks and open heart surgery. I’m left with only 1/3 of my heart that works. I can’t work and I can hardle walk a mile. The doctors gave me 5 more years to live because they say my heart isn’t strong enough to make it through another surgery. I was in a coma after coming out of my last one. And now I get disability, a whole $309. dollars a month. I can’t afford to live on my own, all my family is passed on from heart problems as well. My life is one step away from living under a bridge and I don’t know what to do anymore. They won’t even give me medical coverage. I have thought about ending it, but I beleive there has to be hope out there somewhere?
Kelly
Aug 8, 2008 at 1:34 pm
Steve,
I am so sorry to hear it.
I would really encourage you to try and see what kinds of assistance are available to you. I don’t know what state you’re in - but please contact the Department of Public Welfare (or the equivalent) wherever you are. It is likely, with your current circumstances, that you are entitled to a number of benefits and subsidies. And if that doesn’t work, call your local social services - or even the church in your area.
Despite how it seems sometimes, there really are people who care and who want to help. No situation is ever hopeless. Trust me.
Steve
Aug 9, 2008 at 9:07 am
Thank you Kelly for your advice but I’ve tried everywhere
Kelly
Aug 12, 2008 at 9:26 pm
I just think there has to be something. Try your local church, social services, legal aid. People want to help. Please keep looking.
c.
Aug 13, 2008 at 10:01 pm
i need help. i have a friend that is stranded in london trying to get back to the states. and no one will help him. the last ticket that he got was from a fake agent and so the ticket was fake. we have tried everything from the airlines to the embassy. and they will not help him. they keep saying that it will cost him money. they don’t understand that he is stranded. NO money. they also keep telling him the he has to pay taxes. what for. he is a visitor there trying to get home to the states. he has been there for 4 months. the hotel that he is at is helping him with accomadations. everything is always about money. no good hearted people to help.
Md.Boby ImtiaM
Aug 16, 2008 at 10:16 pm
Warren Buffet Dated :16.08.08
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