Warren Buffett was in the New York Times today bragging about his low effective tax rate and saying how he would like to be paying more. Fellow Forbes contributor Tim Worstall weighed in quibbling about Mr. Buffet not factoring in the corporate taxes on Berkshire Hathaway's earnings. I'm just a simple CPA, whose firm won't even let him sign audit reports anymore. (That's true of all tax partners here by the way. I don't take it personally). I don't want to quibble with a quibble but apparently economists have a hard time figuring out the incidence of the corporate income tax (i.e. who is really paying it), so I think we can let go of that piece of the analysis.
Z: This fascinated me because I heard what Mr. Buffet said on Monday about how he only pays 17% in taxes and the rich need to pay more, when most of us know the 'rich' pay the huge bulk of American taxes.
By the way, if Mr. Buffett wants to pay more, what's keeping him from it?