Quote:
Originally Posted by MikeWaters
He has come forward and said that his receptionist pays about 33% of income as tax, and that he pays close to half that at 18%.
He has challenged the richest men in America, saying that if one can come forward and demonstrate that he pays a higher percentage than his receptionist, that he will donate $1 million to the charity of his/her choice.
So the media is contacting all those tycoons.
Not a single one has come forward, all have declined to comment. It's crickets, baby.
Warren Buffet doesn't think it's right that the richest Americans pay less tax, proportionally, than those that are not rich.
Yes, I know many of the poorest don't pay income taxes, after refund, but still I admire Buffet stirring things up.
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I haven't read everything Buffet said, so I don't no if he stirred things up or you are. First off, what does the 33% tax represent.
If she had adjusted gross income and no deduction after that and was single and made $1,036,000 a year, she would be paying roughly 32.33%. If she is a receptionist and makes over $1,000,000 I don't feel too sorry for her. (this is based on the 2006 tax rate schedule I looked up). For a single taxpayer you don't even hit the highest marginal tax rate until $336,550 in income. That means you pay 35% on anything over that.
So I guess Buffet meant total taxes as a percent. Fed Income, State INcome, Property taxes, sales tax, gasoline tax, etc. Of course the rich pay a smaller percentage on all those taxes. When someone steps up and buys a gallon of gas do you think the gas tax should be a progressive tax too. Let's see, show me your income statement and we will let you know how much you have to pay in gas tax. Your sales tax on this banana is $450 sir because of your income.
Nice stir up. He stirred up the "tax the rich" crowd who don't think things through, right Mike?