Billionaire Warren Buffett has a partial cure for the US financial fiasco – tax him and his buddies at a higher rate.
Last year Buffett paid about 7 million dollars to the IRS but that was only a 17% tax rate. And it was the lowest among the 20 other people who work in his office, who paid anywhere from 33 to 41% and they earn substantially less. He says the US government has been coddling him and his wealthy buddies for decades and it’s time to stop because they can well afford to pay more.
In an editorial for the New York Times, Buffett writes that raising the tax base for the mega-rich will not scare them off investing in a good venture. And he ought to know. He’s one of the world’s richest men.
I don’t know if this is the answer or even part of the answer but I do know that I pay more than a 17% tax rate and I don’t make millions. I paid $5,000. in taxes last year on my freelance work and Rev Can just sent me a bill for $300. more. If I ran my personal finances the way the US runs theirs I’d be living under an overpass in a cardboard box. Can’t afford to pay your debt? Well, what you don’t do is raise the limit on your credit card by a few more trillion dollars! That’s a road to ruin, from where I sit.