Warren Buffet, Class Traitor

Last year Warren Buffet paid 17.7% of his taxable income in taxes. His secetary payed nearly 30%. Buffet, kook that he is, thinks this is pretty fucked up.

UPDATE: Reader JL writes in to note:

It's not that Buffet took advantage of tax shelters available only to the rich or deducted income in a manner that allows many corporations to pay low rates. He simply received the bulk of his 2006 income in the form of dividends which are taxed at preferential rates to reflect the "inequity" of double taxation (first at the corporate level and then at the individual). Now there are many problems with double taxation and in some economies it might make sense to lower taxes on dividends to spur equity investments, but since dividends accrue primarily to the rich, the preferential treatment of dividends serves to flatten our graduated tax without any offset. One idea would be to remove the preferential treatment for dividends for people who earn a certain amount and use those funds to raise the AMT threshold so that the middle class doesn't get hit by it.

Chris Hayes is the host of All In with Chris Hayes on MSNBC.


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