Warren Buffett Doesn’t Seem to Agree with Obama’s Tax Policy
3:01 PM, Sep 30, 2011 • By JEFFREY H. ANDERSON
Politico reports that Warren Buffett’s idea of tax reform is apparently quite different from President Obama’s. Buffett says he would raise taxes on those with “very high incomes that are taxed very low,” but not on those making annual salaries of $50 million.
“I don’t know what their program will be,” Buffett said in response to a question about the Obama administration’s jobs plan, which is currently struggling to gain much traction in the Democratically controlled Senate.
“‘My program would be on the very high incomes that are taxed very low — not just high incomes,’ he said. ‘If some guy is making $50 million a year playing baseball, his taxes won’t change.’” That’s quite a bit different than Obama’s plan, which would raise taxes on people making as little as $200,000 a year — or 1/250th as much as $50 million.
As our federal tax system now stands, the top 0.1 percent collectively pays more income tax than the bottom 80 percent, despite the fact that the bottom 80 percent collectively makes more than six times as much money.