Warren Buffett’s plea for higher taxes means he wants the government to take more money from other people – but not him. In real life, Buffett says and does underscores his previously stated opinion that private interests “will do a better job with lower administrative costs and better selection of beneficiaries than the government.”
The Wall Street Journal reviews Mr. Buffett’s disingenuous claim that his secretary pays a higher tax rate than he does, ignoring the fact that his regular income is taxed at the highest rate while the bulk of his income is taxed as capital gains or dividends.
The real hypocrisy is that Mr. Buffett takes full advantage of tax shelters, such as his foundations and charities.Most of the middle class, even the “wealthy” that President Obama and Mr. Buffett want to tax at a higher rate – those individuals earning more than $200,000 and couples earning more than $250,000 a year, can’t afford to put millions in tax shelter charities and foundations.
And maybe, just maybe, we, too believe that we can “do a better job with lower administrative costs and better selection of beneficiaries than the government” with our own money.