Warren Buffet, one of the world's richest individuals, continues to make the same clear and convincing case on federal taxes that Growth & Justice has established for state and local taxes in Minnesota. To wit: that folks at the top pay a smaller percentage of their income in taxes than those in the middle and at the bottom of the income ladder.
Buffet was featured on NBC last night and today with his challenge to fellow capitalists to demonstrate that they pay an overall higher rate in all federal taxes (including payroll taxes, which is the crucial determinant) than their receptionists.
He has pledged to pay $1 million to the charity-of-choice to anyone of the Forbes 400 list of richest persons who can show that they pay a larger percentage. According to Buffet, he has no takers yet.
Minnesota's tax incidence studies have consistently shown in recent years that the top 1 percent of earners pay less than 9 percent of their incomes in state-and-local taxes while those in middle and lower incomes pay closer to about 12 percent. And that disparity is projected to widen further in coming years.
— Dane Smith