A Quote by Howard Warren Buffett
I've never had it so good in terms of taxes. I am paying the lowest tax rate that I've ever paid in my life. Now, that's crazy. And if you look at the Forbes 400, they are paying a lower rate, accounting payroll taxes, than their secretary or whomever around their office. On average. And so I think that actually people in my situation should be paying more tax. I think the rest of the country should be paying less.
Related Quotes
If you look at the Forbes 400, they are paying a lower rate, accounting payroll taxes, than their secretary or - whomever around their office.
I mean the truth is, I've never had it so good in terms of taxes. I am paying the lowest tax rate that I've ever paid in my life.
I'm making a lot of money. I should be paying a lot more taxes. I'm not paying taxes at a rate that is even close to what people were paying under Eisenhower. Do people think America wasn't ascendant and wasn't an upwardly mobile society under Eisenhower in the '50s? Nobody was looking at the country then and thinking to themselves, "We're taxing ourselves into oblivion." Yet there isn't a politician with balls enough to tell that truth because the whole system has been muddied by the rich. It's been purchased.
It's really a question of fairness and what kind of country we're going to live in. There are 22,000 people making over $1 million. They're paying an effective tax rate in the teens. As Warren Buffett said, he pays less in taxes effectively than his secretary does. That's not right.
Americans spend much of their adult lives paying taxes in various forms. We should end this practice of paying a tax that is triggered only by debt.
Just look at that Forbes 400. Takes a billion three to get on the Forbes 400 this year. And the aggregate wealth is just staggering. And those people are paying less percentage of their total income to the federal government than their receptionists are. [...] I'll bet a million dollars against any member of the Forbes 400 who challenges - me that the average for the Forbes 400 will be less than the average of their receptionists.
I love to tell how I'm suffering because one percent we're paying 25 percent of the total. We're not paying 25 percent of the total taxes on individuals. We're paying maybe 25 percent of the income tax, but the payroll tax is over a third of the receipts of the federal government. And they don't take that from me on capital gains. They don't take that from me on dividends. They take from the woman who comes in and takes the wastebaskets out.
Yes, the rich will find ways to avoid paying more taxes, courtesy of clever accountants and tax attorneys. But this has always been the case, regardless of where the tax rate is set.
I want to have a tax on people who are making a million dollars. It's called the Buffett rule. Yes, Warren Buffett is the one who's gone out and said somebody like him should not be paying a lower tax rate than his secretary. I want to have a surcharge on incomes above $5 million.
I think that something is fundamentally wrong if a person of his great wealth is only paying 13.9 percent effective tax rate and most of Americans are paying 28, 30 percent and they make far less.
I think that actually people in my situation should be paying more tax.
When you say the tax system benefits the rich, there are a lot of people who respond, "That can't be true, look at the rate of tax. The people who are rich pay a higher rate than you or I." Well, yeah, but if you don't have to pay taxes on a lot of your income, then your real tax rate is a lot lower. And if you're allowed to pay your taxes thirty years from now instead of today then you're a lot better off. People need to have a sophisticated understanding of how the system works to appreciate that the posted tax rate really has very little to do with the taxes people pay.
If anything, taxes for the lower and middle class and maybe even the upper-middle class should even probably be cut further. But I think that people at the high end - people like myself - should be paying a lot more in taxes. We have it better than we've ever had it.
If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further. But I think that people at the high end - people like myself - should be paying a lot more in taxes. We have it better than we've ever had it.
If I ran for president, the first thing I'd do is legalize everyone who's been here paying taxes, working, paying taxes. Mothers and fathers of kids born in the U.S. should get a green card.
I commend the parents who are sending their children to a Catholic school, because they're making a sacrifice, and they're paying twice for their child's education: They're paying the tuition, and they're paying taxes.
Related Authors
Amos Bronson Alcott Quotes
American
Educator
Bill Nye Quotes
American
Educator
Cornel West Quotes
American
Educator
Dean Ornish Quotes
American
Educator
Horace Mann Quotes
American
Educator
Jeffrey R. Holland Quotes
American
Educator
Jon Kabat-Zinn Quotes
American
Educator
Lucy Maud Montgomery Quotes
Canadian
Educator
Maria Montessori Quotes
Italian
Educator
Michael Pollan Quotes
American
Educator
Paulo Freire Quotes
Brazilian
Educator
Peter Kreeft Quotes
American
Educator
Randy Pausch Quotes
American
Educator
Stephen Covey Quotes
American
Educator
Temple Grandin Quotes
American
Educator
Timothy Leary Quotes
American
Educator