Warren Buffett has come out in favor of higher taxes on the super rich, according to this story on CNNMoney.com.
Buffett said he makes $46 million a year in income and is only taxed at a 17.7 percent rate on his federal income taxes. By contrast, those who work for him, and make considerably less, pay on average about 32.9 percent in taxes - with the highest rate being 39.7 percent.
To emphasize his point, Buffett offered $1 million to the audience member who could show that one of the nation's wealthiest individuals pays a higher tax rate than one of their subordinates.
Aside from the fairness issue, which is huge, there's the fact that money is a form of power.
Democracy requires a reasonably even playing field. When power is allowed to accumulate into just a few hands, those hands end up controlling the government, and eventually everything.
Any tax system which favors the rich accelerates this process.
All taxes ought to be progressive, and the tax money should be spent to level the playing field—by making sure that everyone has health services, educational opportunities, and a safe neighborhood.
It's really a no-brainer.
