Bill Gates, Warren Buffett
Photo by Flickr user Guesus, used under a Creative Commons license

No. 2 and No. 1, together.

Featured Topic | Posted 38 weeks 3 days ago

Warren Buffett is the world's richest man. Should he be paying more taxes?

Warren Buffett has passed Bill Gates to become the world's richest man, according to Forbes. But that's not a distinction destined to last -- most of his fortune is already slated to go to charity. And Buffett is among the most vocal proponents of raising taxes on America's wealthiest citizens; he has even suggested that he pays a smaller portion of his income in taxes than his secretary.

Is Buffett right? Or will his proposal make it harder for other Americans to join him at the top of the heap?

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Ben likes: Buffett's bad math

Investor's Business Daily

Fact is, despite anecdotes like Buffett's, our tax system has never been more "progressive," with fewer and fewer people at the top of the pyramid paying more and more in taxes. In 2004, the top 1 percent of incomes today paid 37 percent of all income taxes, and the top 5 percent paid more than all the rest combined — 57%. These are both near record highs.

What perplexes us is that Buffett seems to want higher taxes on the very people — entrepreneurs — who create the jobs, increase the wealth and stimulate the growth that make America's economy the marvel that it is. Doesn't he realize that when you tax something, you always get less of it?

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Joel likes: Warren Buffett, taxes and the presidency

Mark Cuban/BlogMaverick

Warren Buffett has been all over the business press recently suggesting that the very rich, those on the Forbes 400 list, are taxed advantageously to the rest of the workforce. That it makes no sense that his tax bill as a percentage of income is lower than that of his secretary or housekeeper.

He is absolutely right.

It makes absolutely no sense that he, or I should pay a smaller percentage of our income than those who go to work 8 hours a day and have to save as much as they can to afford a vacation every year and stress out about whether or not they can pay their rent, mortgage or college for their kids.

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