In today’s New York Times, billionaire investor Warren Buffett pointed out that he pays a lower federal income tax rate than his staff. His effective tax rate last year? 17.4 percent! His is not a unique case. Our tax code is written so that the wealthiest have the best tax breaks. As the President has said, everyone needs to pay their fair share. And since debt reduction is the pressing issue on politicians’ minds in Washington, I hope that the new ‘Super Congress’ takes a balanced approach that includes significant revenue increases when they look for ways to improve our nation’s budgetary problems. I plan on writing more about this and the recent debt ceiling debate – there is a lot more to the subject- but I was impressed by Buffett’s Op-Ed.
Buffett states, “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.”