The very rich in America pay taxes at a lower rate than most working people, and, due to a wrinkle in the tax code, private-equity partners enjoy some of the lowest tax rates of all.
Warren Buffett, no stranger to wealth, told an audience filled with bankers and real-estate developers the system was, in effect, rigged. "This is what Congress in its wisdom did: 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." Buffett (who is a director of NEWSWEEK's parent, The Washington Post Company) offered a million dollars to any fellow magnate who could prove he had higher tax rates than his secretary.
No comments:
Post a Comment