Buffett admits tax system is screwed

[aaron]

Mr Buffett said that he was taxed at 17.7 per cent on the $46 million he made last year, without trying to avoid paying higher taxes, while his secretary, who earned $60,000, was taxed at 30 per cent. Mr Buffett told his audience, which included John Mack, the chairman of Morgan Stanley, and Alan Patricof, the founder of the US branch of Apax Partners, that US government policy had accentuated a disparity of wealth that hurt the economy by stifling opportunity and motivation.


http://business.timesonline.co.uk/tol/business/money/tax/article1996735.ece?print=yes

[chaz]

It doesn't mention the fact that Mr. Buffett's income is passive. His BH salary is around $100,000, [0.2% of his income] the remainder is made up dividends and long term capital gains which are taxed at a much lower rate.

[Pirate_129]

When I read the title I thought, "Holy cow, Jimmy Buffett pays taxes?" :smt118

[EricStratton]

When I read the title I thought, "Holy cow, Jimmy Buffett pays taxes?" :smt118

I had a similar thought(s):

(a) What does Jimmy know about the tax system?

or

(b) Is Jimmy gonna auction off all his stuff like Willies Nelson did a few years back?