Wednesday, June 27, 2007

Line Up for the Buffett

From the Washington Post:

Warren E. Buffett was his usual folksy self Tuesday night at a fundraiser for Sen. Hillary Rodham Clinton (D-N.Y.) as he slammed a system that allows the very rich to pay taxes at a lower rate than the middle class.

Buffett cited himself, the third-richest person in the world, as an example. Last year, Buffett said, he was taxed at 17.7 percent on his taxable income of more than $46 million. His receptionist was taxed at about 30 percent.

Buffett said that was despite the fact that he was not trying to avoid paying higher taxes. "I don't have a tax shelter," he said. And he challenged Congress and his audience to see what the people who "clean our offices" are taxed, to loud applause...

Clinton acted as moderator. Topics included Buffett's views on the impact of the real estate slump on the economy (he doesn't see it spilling over to the broader market) and how to get started in investing (you are more likely to find diamonds in the rough among small companies).

Clinton finished by asking Buffett, "Why are you a Democrat?"

Buffett said he thought Democrats would do a better job in evening out the field for those who had drawn the unlucky tickets in life.