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Author: fc95082 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121175  
Subject: Buffett and taxes Date: 5/10/2003 12:16 AM
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With regard to W. Buffett's recent comments about taxes:

During what RealMoney.com contributor Chris Edmonds called an "ad hoc press conference" prior to Berkshire's annual shareholders meeting, Buffett said: "We [as in the U.S.A.] are going to spend $2.2 trillion this year; it's just a question of where it comes from. And, frankly, I don't think enough of it comes from people like me and too much comes from people who work in our shoe factories."


Reuters further reported that Buffett also said: Bush "is not changing the amount the American public sends the government, just changing who does it," and unfairly to the benefit of rich people.
http://www.thestreet.com/pf/markets/aarontaskfree/10085637.html


Has Mr Buffett seen these numbers?

The top "50% of wage earners" is anyone with an AGI of $27,000 or more. They earn 87% of all the country's income and pay 96% of all the country's taxes.

The top 25% has an AGI of $55,000. They earn 67% of all the country's income and pay 84% of the country's taxes.

The top 10% has an AGI of $92,000. They earn 46% of all the country's income and pay 67% of the country's taxes.


The top 5% has an AGI of 128,000. They earn 35% of all the country's income and pay 56% of the country's taxes.


The top 1% has an AGI of 313,000. They earn 21% of all the country's income and pay 37% of the country's taxes.


The countries highest wage earners (top 1%) pay 37% of all taxes paid while the bottom HALF pay only 4%. That is amazing. There is no such thing as tax cuts for the poor. They barely pay anything now.

The best thing the federal government can do is to let Buffett keep more of his money. If anyone has the capacity to grow the economy, create jobs, wealth, and prosperity, Mr Buffett can. He could deploy it for far more public benefit than the govt. Give the money to the govt and you have given it to the biggest destroyer of capital in the history of the world. If you could give the US govt a ROE or ROIC what would it be? We haven't done so well with social security or medicare, have we.

Yea, we all need to ante up for the support of education, infrastructure, defense, social programs and the like. However, why punish financial success and reward financial underachievement. I am not suggesting a flat tax, but isn't a flat tax more fair than the current system?

Frank
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