Warren Buffet On Regressive Taxation

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There’s a reason a lot of Democrats want to raise taxes on the rich. Because Republicans are right, it is class warfare, but the rich are paying LESS than the middle class and even one of the richest people in the world acknowledges it.

From the Wash Post:

NEW YORK, June 26 — Warren E. Buffett was his usual folksy self Tuesday night at a fundraiser for Sen. Hillary Rodham Clinton (D-N.Y.) as he slammed a system that allows the very rich to pay taxes at a lower rate than the middle class.

Buffett cited himself, the third-richest person in the world, as an example. Last year, Buffett said, he was taxed at 17.7 percent on his taxable income of more than $46 million. His receptionist was taxed at about 30 percent.

Buffett said that was despite the fact that he was not trying to avoid paying higher taxes. “I don’t have a tax shelter,” he said. And he challenged Congress and his audience to see what the people who “clean our offices” are taxed, to loud applause.

And still, Democrats are going to be painted as being tax and spend, when all they’re really asking is for everybody to pay their fair share.

Also, it looks like Buffett may be endorsing Hillary…

“We have a wonderful economy. . . . Our problem is how we conduct ourselves in the world.” Buffett, the chairman and chief executive of Berkshire Hathaway in Omaha, has not endorsed Clinton for the Democratic presidential nomination.

But he has already donated the maximum $4,600 allowed by an individual to Clinton’s presidential campaign. Buffett called Clinton “the person to run the country.” He has not donated to any other candidate, according to public records, although he has said he would also support Sen. Barack Obama (D-Ill.) in a similar event.

If he throws his credibility behind Hill, it’s going to be very hard for another Democratic candidate to match it.