Buffett wrote his opinions in an article for The New York Times in which he called on Congress to structure a proper budget that would force the top 0.3% of income earners to accept "shared sacrifice." "While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks," Buffett said.
Buffett said that he paid only 17.4% of his taxable income, which was lower than what the average middle-class American must pony up. An income earner who makes $8,500 to $34,500 is in the 15% tax bracket; $34,500 to $83,600 reaches the 25% bracket; and $83,600 to $174,400 falls in the 28% bracket. (2010 IRS Tax Tables)
Congress launched a bipartisan deficit-reduction panel last week to cut spending, decrease the deficit and increase the amount the U.S. Treasury can borrow. The Joint Select Committee on Deficit Reduction is a 12-member panel created by the budget legislation politicians passed on Aug. 2 to raise the debt ceiling.
The agreement outlined some $2.4 trillion in cuts and a debt limit increase of $2.1 trillion. The panel was appointed by party leaders in the House and Senate
OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouche
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