This has already been hashed out and we already know the answers.
First of all income is not the same as earned income. Until the article makes the distinction it will not be useful. The first 90% of the article intentionally makes it seem as if payroll tax is the same as income tax. Only at the end do we see the better measure of tax.
Has anyone here bothered to ask what the difference between payroll tax, the tax mentioned in the article, and income tax is? Payroll tax is the social security and unemployment taxes one pays. On top of that people also pay other taxes. It is basically a lie to write an article and only include payroll taxes as the one figure used to describe a persons taxes paid to the IRS.
Secondly, we know that he gives tons to charity which is a deduction and is the largest factor in the low amount he pays on his income.
Lastly, the reporter knows he is playing fast and loose with the facts becuase he refers to the payroll taxes and ignores the other taxes, for most of the article, that Buffet has paid - such as the fact that buffet first pays on whatever earned income he has and then pays again on the proceeds from that income when it is invested.
Every one of Buffets rich secretaries could lower their percentage to about 17% as well if they just invested more of their income and gave more to charity. Big deal. And what about the people who are not rich secretaries? Well they either don't pay any income taxes at all or they pay less than 17%.
This whole mess is just a pack of distortions on Buffets part and the media too. It has been proven several times already and his releasing his return changes nothing.
Is the goal for everyone to pay the same amount in taxes? If that were the case then a flat tax would accomplish that.
Is the goal for everyone to pay a different rate of tax? Then that is the definition of unfair.
Taxing the rich more will not result in a smaller difference in wealth between those who have a lot and those who do not. It will not result in better living conditions for the poor. It will not increase the total revenue that the gov collects - it will probably lower it by a small amount.
Removing the charitable giving deduction will result in less being given to charity and that will hurt the poor. It will also increase statism.
