Warren Buffett Wants Change In The Tax System


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Taxed at a rate of just 17.7 per cent, Warren Buffett's legal rate is almost half that of most of his employees. He thinks that that is unfair and that Congress should correct the discrepancy.

One might expect that he wants to see his employees to go down, but what he wants is exactly the opposite: he wants congress to raise his taxes and the taxes of others like him.

Managers of private equity firms are not taxed on their labor, which it surely is, but on their investments he argues. He even offered to give $1 million dollars to any fund manager in the room he was speaking in if they could prove that they paid a higher tax rate than their secretary. There were no takers.

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