Dan Sweet

Warren Buffett on being “ungodly rich” (8 of 12)

This is the eighth in a series of twelve posts. The introduction to the series is here. By way of review, these are my notes of Warren Buffett’s responses to questions from Notre Dame and Stanford MBAs on October 9. 2007.

Do taxes in the US favor the rich?

Look at line 63—tax due.  Compare that to taxable income.  Berkshire Hathaway office average is 33%.  I follow the rules and pay 17% on my 46 million.  Payroll tax quits at 90k.  I bet that the average member of the Forbes 400 pays less than their receptionists.

50:1 odds against being born in the U.S.  This market system we have has made me “ungodly rich.”  U.S. Congress plans my taxes and treats me better than laborers.  Deck is stacked against the have-nots.  There are no longer any good opportunities for people with an IQ of 80.

The rich will always have lobbyists.

We have the opportunity to influence things in a democracy.

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