» And he only paid 17.4% in taxes: Buffett, whose monetary gains are the subject of scrutiny because of the fact that he’s the inspiration for Obama’s “Buffett Rule" (a notable part of the president’s jobs plan), released the earnings after being prodded by Rep. Tim Huelskamp of Kansas, a Republican. Of note: Just $39,814,784 of his earnings were taxable, with the rest going to deductions and exemptions (like, say, his fairly robust charitable givings). And in case you’re wondering, Warren’s tax rate is low largely because he makes most of his income through investing. In the end, how much did he pay in taxes? A paltry $7 million (or a mere nine percent in taxes on adjusted gross income).
Middle-class families shouldn’t pay higher taxes than millionaires & billionaires. It’s hard to argue against that.President Obama (via thedailyfeed)
I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.Warren Buffett • Arguing in an editorial for the New York Times (titled, fittingly, “Stop coddling the super-rich”) that Congress needs to raise his taxes and those of people with incomes topping $1 million. “My friends and I have been coddled long enough by a billionaire-friendly Congress,” he writes. “It’s time for our government to get serious about shared sacrifice.” Wait … a super-rich guy offering more money up in taxes? Be still our hearts. And don’t tell the Koch brothers … they might disagree with this stance. source (via • follow)