Warren Buffet released his 2010 taxes for Congress’s review. He wanted to prove his point that the rich do not pay their fair share in taxes and that they can afford to pay more. After comparing his tax return to my tax return, I so agree with him. I earned .10% of what Mr. Buffet earned last year. That means, for those of you who are math challenged, he earned 1,000 times as much as I did.
Now, if all is fair, then he should’ve paid 1,000 times more than I did in taxes.
Except, he didn’t. Everything being equal, he should’ve paid $8 million in taxes. He didn’t, he paid just under $7 million. I can hear the argument now, that’s more than you paid. If you don’t like it, why don’t you go get rich. (Usually, these arguments come from people who make half as much as I do.)
How can a man who make 1,000 times more than me pay a tax rate that is only 2% higher than mine? How is that fair?
Well, I have to go to work, where 1/3 of my paycheck goes to taxes and insurance before I even come home.