The Hill News

In 1944, George Bernard Shaw wrote, “A government which robs Peter to pay Paul can always depend on the support of Paul.” Perhaps it was this sentiment that governed Warren Buffet’s thinking when he stated, “There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.”

Mr. Buffet then asked all the folks in his Omaha, Nebraska office, mostly secretaries or clerks, to calculate their effective tax rates. He also calculated his own. He found that with no personal tax planning and simply paying what the IRS code requires, his tax rate was significantly less than his employees.

The foundation of the proposed Buffet Rule is the basic principle that no household making over $1 million annually should pay a smaller share of their income in taxes than hardworking middle class families.

For example, in 2008, the top 400 richest Americans â€" all making over $110 million in a single year â€" paid o! nly 18 percent of their income in taxes. By contrast, many working and middle class families pay closer to 30 percent.

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