Think you pay too much in taxes compared to the ultra-wealthy?
Guess who agrees with you: Warren Buffett.
In this New York Times op-ed piece, Buffett points out that people who make most or all of their money from investments may pay only 15% in federal income tax, and that overall federal taxes on the wealthiest 400 Americans has dropped by more than one-quarter in the past 20 years. This, on people with incomes averaging more than $227.4 million apiece.
“I would leave rates for 99.7 percent of taxpayers unchanged…bur for those making more than $1 million…I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more–there were 8,274 in 2009–I would suggest an additional increase in rate,” says Buffett. “My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.”
Couldn’t agree more.