As I mentioned in another thread, Warren Buffett and others are currently employing every tax dodge in order to to reduce their taxes. Doesn't seem like they think they're paying too little, does it?
By the way, if you put a 100% tax on all income over $250,000 in the U.S., you could get enough to run the country this year with a deficit of only...get this, now...$700,000,000,000. That's 700 billion dollars. In other words, it would eliminate only 1/2 the deficit this year, and pay nothing on the accumulated debt. And it would only work once; those in that tax range would find ways of getting around it next year. Just ask Warren.
In fact, when it comes to taxes, I would probably believe Jimmy Buffett before I believed Warren Buffett, who I think has made several steps in the last two years that will cause problems with his cachet as a financial genius in coming years.
