Buffet Bemoans His Taxes

J.J. Jackson* | November 4, 2007

Warren Buffet whines:

Warren Buffett, the famous investor known as the “Sage of Omaha”, has complained that he pays a lower rate of tax than any of his staff - including his receptionist. Mr Buffett, who is worth an estimated $52bn (£25bn), said: “The taxation system has tilted towards the rich and away from the middle class in the last 10 years. It’s dramatic; I don’t think it’s appreciated and I think it should be addressed.”

During an interview with NBC television, Mr Buffett brandished an informal survey of 15 of his 18 office staff at his Berkshire Hathaway empire. The billionaire said he was paying 17.7% payroll and income tax, compared with an average in the office of 32.9%.

“There wasn’t anyone in the office, from the receptionist up, who paid as low a tax rate and I have no tax planning; I don’t have an accountant or use tax shelters. I just follow what the US Congress tells me to do,” he said.

Well, if the average employee is paying 32.9% in taxes then they are doing something wrong. I know no one, from people making high six figures down to people barely above poverty level, that pay that much of a percentage in taxes if they do their taxes even haphazardly. Maybe the people in your office are just too stupid to figure out even the most basic of deductions?

Or maybe the tax code is so complex that it need blown up and something new put in its place? I favor that solution personally.

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