There are a lot of things I admire about Warren Buffett. He is self-made. he lives a frugal life style, even though he is worth 45 Billion dollars. And he gives 10's of millions of dollars to charity.
But Warren Buffett has always seemed to feel guilty about being so rich. And he is filthy rich. Forbes lists him as the second wealthiest person on America behind Bill Gates.
His guilt explains why he wrote an editorial for The New York Times complaining about how little he an other Billionaires pay in taxes. He even admitted in the editorial that he paid just under 7 million in taxes last year or 17.4%. He checked around his office and everyone else was paying an average of 36%.
Really? Warren Buffett is just figuring out this tax inequity now? That's life in America and it's been this way for decades. The tax code has been rigged by tax lobbyists, paid for by the very rich, like Warren Buffett, to help the very rich, like Warren Buffett.
But Buffett's guilt has led him to call for a hike in the tax rate for millionaires and billionaires. President Obama even used his editorial to call for "The Buffet Rule" and more taxes on the rich.
Let me get this straight. Buffett wants his taxes raised after profiting from a lower rate and loopholes for decades. It's a little like Willie Sutton complaining about a lack of security at banks after robbing several.
I have a better idea for Warren Buffett. Last year he should have paid just over 16 Million in taxes, if he didn't take advantage of the loopholes and deductions. And over the last 20 years creative accounting has allowed Buffett to avoid paying over 200 Million in taxes.
The United States Treasury is at 1600 Pennsylvania Avenue in Washington D.C. Zip Code 20220. Send a check and you won't sound like so much of a hypocrite.
