Obama and Buffett
Billionaire Warren Buffett recently wrote an op ed for the New York Times in which he complained that he just wasn't being taxed enough. He griped that he and his "mega-rich" friends had been "coddled long enough" and it was time for our Government to get serious about "shared sacrifice". President Obama seized on this opportunity to propose the "Buffett Rule", which would ensure that millionaires are taxed at a higher rate than their non millionaire counterparts. We are supposed to pay no attention to the fact that the average American pays 16% of their income in federal taxes, while the average millionaire pays 20%, which means that this is already happening without the Buffett rule. I suppose that we are also supposed to pay no attention to the fact that Warren Buffett not only has the opportunity to pay more taxes than he already is, but he also has a damn good reason to.