Tax Buffett

Posted By: Dr. Frugal in Taxes on 10/31/2007 at 05:32:12

During an interview with NBC television, Mr Buffett brandished an informal survey of 15 of his 18 office staff at his Berkshire Hathaway empire. The billionaire said he was paying 17.7% payroll and income tax, compared with an average in the office of 32.9%.

"There wasn't anyone in the office, from the receptionist up, who paid as low a tax rate and I have no tax planning; I don't have an accountant or use tax shelters. I just follow what the US Congress tells me to do," he said.

Mr Buffett also took a pot shot at hedge fund managers. He said: "Hedge fund operators have spent a record amount lobbying in the last few months - they give money to the political campaigns. Who represents the cleaning lady·"

Wow. Even though I've heard similar stories before it's really scary to think that Warren Buffett is paying a lower percentage than his secretary. Granted, in total dollars he's probably paying 1000-1 to her but still. I think it's very responsible of him to publicly say that the rich are under-taxed. Hats off to Warren.

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