Warren Buffett on how he doesn’t want the government to be so lax in taxing rich people like him. I disagree with some of his points, ie, raising taxes does somewhat diminish the worth of investment, but who am I to quibble with Warren Buffett? He’s spot on regarding tax policy: payroll tax and social security are regressive taxes. Richer people should not pay at lower marginal tax rates.
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.
PS Freakonomics Radio has a great chat with Warren’s son Peter Buffett on what it’s like to be Warren Buffett’s kid. Warren was careful to keep from making his family feel too entitled; Peter said,
[W]e didn’t know what he did. In fact when my sister filled out a form, I think in fourth or fifth grade, about what our parents did, she put ‘security analysis,’ and that was assumed that what he did was check alarm systems.