Warren Buffett Wants to Raise Taxes on His Friends

By:  Bob Adelmann
08/17/2011
       
Warren Buffett Wants to Raise Taxes on His Friends

Warren Buffett, better known as the Oracle of Omaha, earned $40 million last year and paid $7 million of it in taxes. But in his editorial in the New York Times on Sunday, he claimed that he doesn’t think he’s paying enough, and neither are his friends. So he’s asking the SuperCommittee to stop “coddling” him and his friends, and raise their taxes as part of the deficit reduction scheme they are hatching.

He began by suggesting that government leaders have called for “shared sacrifice” but that he didn’t get the call. “I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.”

Unfortunately, facts are not only stubborn, they are different. In his editorial, Buffet notes that incomes of the top 400 taxpayers (many of them his friends) had grown from $16.9 billion in 1992 to $90.9 billion in 2008, but that their actual tax rate over that period had declined.

Warren Buffett (pictured), better known as the Oracle of Omaha, earned $40 million last year and paid $7 million of it in taxes. But in his editorial in the New York Times on Sunday, he claimed that he doesn’t think he’s paying enough, and neither are his friends. So he’s asking the SuperCommittee to stop “coddling” him and his friends, and raise their taxes as part of the deficit reduction scheme they are hatching.

He began by suggesting that government leaders have called for “shared sacrifice” but that he didn’t get the call. “I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.”

Unfortunately, facts are not only stubborn, they are different. In his editorial, Buffet notes that incomes of the top 400 taxpayers (many of them his friends) had grown from $16.9 billion in 1992 to $90.9 billion in 2008, but that their actual tax rate over that period had declined.

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