The greed factor affects all the rich -not just white republican businessmen. Look at all the liberal Hollywood types and rock stars – most all of them are poster boys for decadent extravagance. Or how about all those democratic politicians like Kerry, Edwards and Gore.

Buffet knows he can pay an 80% tax rate and still live far better than almost all of us. His offer of self sacrifice is completely empty. Maybe he should pay his employees more instead. Or pay 100% of their health care, or do more with his money to create good paying jobs for more of us little people. He can start doing all that tomorrow instead of waiting years for tax laws to be changed. But the reality is he’s just another way too rich person completely full of bull poop.

in conversation it came up that Mr. Buffett doesn’t use any tax planning at all. He just pays as the Internal Revenue Code requires.

“Tax planning” IS “just pay[ing] as the Internal Revenue Code requires.” Legal tax avoidance should not be mistaken for illegal tax evasion.

But furthermore, Warren’s fortune is almost entirely in the form of long-term capital gains — very little need to find an off-shore bank to stuff income when he’s paying 15%.

For your reading pleasure though: here is a list of abusive tax shelters per the fucking IRS: http://www.irs.ustreas.gov/businesses/corporations/article/0,,id=120633,00.html

enjoy

I also demand reimbursement for the time it took me to scroll past Jake’s comment.

Buffett only makes $100,000 as CEO of Berkshire. What were the numbers involved for everyone?

I agree the tax system is grossly unfair and in need of a radical overhaul. But why not show some numbers and demonstrate it?

I’m solidly middle class, and always looking for ways to reduce my tax burden, but never find anything substantial. I can save a few hundred bucks here or there occassionally by finding a deduction that actually applies to me, most of them apply to low income people, and they are rather substantial. I have quite a few friends that pay next to nothing percentage wise in taxes compared to me because their income is 20-40% lower.

On the other hand, the few friends/aquaintances I have that are wealthy are forced to employ accountants to plan for them, simply because if they don’t they end up very close to where I am after taxes despite having salaries double and more than mine.

So, I’m seeing the opposite case of this article… why is that? Granted I don’t know any multi-millionaires. I think there’s a very large omission from this analysis. Maybe most of Mr. Buffet’s value is tied up in investments that will be taxed out the wazoo when cashed in/sold? When you have substantial wealth, salary becomes a very small factor in overall taxation.

Ironically the rich benefit the most from an economically sound US since their assets are likely to be more valuable as the world covets US economic stability.