Warren Buffett, the third-richest man in America, has always been a bit of a traitor to his class. The super rich, Buffett holds, ought to pay income taxes at a higher rate than average Americans because they have the capacity — and good fortune — to contribute significantly more to our national well-being.
Current tax law, Buffett goes on to explain, lets the really rich routinely avoid that responsibility. In fact, as Buffett has famously declared, his secretary pays taxes at a higher rate than he does.
Buffett believes in tax fairness. Donald Trump, on the other hand, most certainly does not.
The Donald has personally lobbied Congress for tax breaks that ease the tax bite on wealthy real estate developers like himself. And his latest White House campaign tax proposal, the Center for Budget and Policy Priorities points out, would if adopted “raise after-tax income for those with annual incomes of over $1 million by 14.3 percent.”More ...