To: DavesM who wrote (443678 ) 8/15/2003 7:10:58 PM From: wonk Read Replies (2) | Respond to You missed the beginning and Buffet's op ed piece which started this:...Let me, as a member of that non-endangered species, give you an example of how the scales are currently balanced. The taxes I pay to the federal government, including the payroll tax that is paid for me by my employer, Berkshire Hathaway, are roughly the same proportion of my income -- about 30 percent -- as that paid by the receptionist in our office. My case is not atypical -- my earnings, like those of many rich people, are a mix of capital gains and ordinary income -- nor is it affected by tax shelters (I've never used any). As it works out, I pay a somewhat higher rate for my combination of salary, investment and capital gain income than our receptionist does. But she pays a far higher portion of her income in payroll taxes than I do. owe not another dime in federal tax, and see my tax (effective-ed.) rate plunge to 3 percent. Let me repeat the point: Her overall federal tax rate would be 10 times what my rate would be. washingtonpost.com ...Administration officials say that the $310 million suddenly added to my wallet would stimulate the economy because I would invest it and thereby create jobs. But they conveniently forget that if Berkshire kept the money, it would invest that same amount, creating jobs as well.
