Honest thinking from Warren Buffett: Taxation

Taxation is a sensitive topic (so is tax tutoring – if we may add a little). It’s not often that you hear someone say ‘tax me some more’! And it’s not often that you come across someone who thinks honestly. Warren Buffett is truly someone who thinks honestly. Be it disputing finance theory or saying ‘tax me some more’!

Here is an excellent article by Warren Buffett in which he says that he is paying far less taxes (as a percentage of his income) than most people and that the rich should and can afford to pay more taxes. This has been his position for sometime now but this is the first time I’m seeing it documented with facts in a newspaper.

Critics may say that Warren Buffett is over simplifying taxation. US taxation is a complex legislation and applying it to over 300 million people uniformly is not easy. However, Warren Buffett’s main point is that the rich are paying less taxes (as a percentage of income) than most people including the poor. The rich should and can afford to pay more taxes. And this can be changed by removing the benefits given to the rich (including lower taxes on capital gains) without hurting the economy.

We need more people like Warren Buffett!

PS: Please give us 5 minutes to expand on this topic, if you are doing tax tutoring with us 🙂