Billionaire investor Warren Buffett isn't making many friends among the trust fund babies that share his tax bracket. In an NBC interview this week, he suggested the nation's wealthiest citizens don't pay a high enough percent of their income in taxes.
For comparison purposes, he asked middle class staff members to figure their total tax as a percentage of their annual incomes. Most paid considerably more in taxes as a percent of their income than Mr. Buffett. A receptionist paid about twice as high a percentage as Mr. Buffett.
Mr. Buffett's point comes just as the nation's presidential candidates are knee deep in debates. He's hoping some of the candidates will address the issue of the shrinking middle class.
The Century Foundation, a New York think tank, says middle class families face stagnant wages, squeezed budgets and greater economic risk. They are confronted with an undeniable trend: Inequality. As things are getting worse for middle class families, those at the very top have benefited.
The top 5 percent of earners have seen their incomes increase more than four times faster than the middle 60 percent of earners. The Century Foundation reports middle-income workers pay an average 23.4 percent federal tax rate while those who live off investment income pay a federal tax rate averaging 9.6 percent.
Opinion
Buffett's a skunk among the very rich
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Another Library Vote? Good grief!
Editor, The Transcript A new library on the west side? With hardly any books? With a dumb name above the entry as shown in your rendering? Infoplace? The library bureaucracy must think Norman voters just fell off the turnip truck....
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Show them some love
Oklahoma joins bus drivers and riders throughout the nation in the “Love the Bus” campaign to raise awareness and appreciation for the thousands of school bus drivers and aides who safely transport children to and from school each day....
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Eliminating state taxes places burden on poor
Editor, The Transcript: Your editorial on Feb. 8th that expressed your pleasure that the bill by Jim Wilson that would have removed the sales tax exemptions from newspapers was killed in committee was disconcerting. I can agree that the ...
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Not time to experiment with state taxes
Editor, The Transcript Governor Fallin proposed more cuts to the state income tax in her State of the State speech Feb. 6. This comes on the heels of a House Tax Reform Task Force that also proposed phasing out the state income tax over a ...
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Cuts in mental health short-sighted at best
When state budgets tightened up three legislative sessions ago, mental health and substance abuse treatment appropriations amounted to low-hanging fruit. It was easy for lawmakers to reduce treatment for mental health consumers and ...
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Local investment is better for Norman
Editor, The Transcript Americans from all walks of life and political ideologies are asserting their voice to tell Wall Street “Enough is enough!” Occupy Norman members spoke at the Dec. 13 Norman City Council meeting, urging the city to ...
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Decline in unions harmful to economy
Editor, The Transcript Remember sometimes you get what your ask for? Let’s see, what could that be? I know, destroy those evil unions which are compromised of the middle class....
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Tobacco ban comes as shock
Gov. Mary Fallin’s State of the State contained few surprises. The tobacco ban, however, came as a total shock to many legislators and state agency heads. “It was a surprise,” the governor told state press association members this week at ...
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‘Flavor of the month’
State Republicans have invited all of the GOP presidential candidates to Oklahoma. Former candidate Herman Cain came to Oklahoma City in early December, just days after he suspended his campaign. Rick Santorum brought his charged-up ...
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Gov. Fallin says tax cuts bring national attention
Rating agencies are often courted by state, county and local officials seeking better ratings and thus lower interest costs on long-term debt financed through bonds. Oklahoma’s governor and other officials called on various agencies this ...
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Another Library Vote? Good grief!
