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The Buffett Tax Gambit – Commentary Magazine

09/22/2011

On September 18, the Obama administration signaled that it would be incorporating the so-called “Buffet Rule” for millionaires into the president’s new plan to increase tax revenues. Warren Buffett​, the 81-year-old investor whose $50 billion personal fortune is the world’s third largest, has been calling for higher taxes on the “rich” for years. At a June 26, 2007, fundraiser for then Senator Hillary Clinton, Buffett reportedly remarked, “the 400 of us [here] pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter.” In October 2007, Buffett told NBC’s Tom Brokaw he would bet $1 million that the average tax rate of the 400 billionaires on the Forbes list was lower than the average tax rate of their receptionists. In November 2010, Buffett appeared on ABC’s This Week to say, “I think that people at the high end—people like myself—should be paying a lot more in taxes.”  […]

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