I was watching the early news on abc7 early this morning when something really caught my attention. I tell you, its BIG! The 3rd richest man in the world that comes with the name of Warren Buffet is causing a stir ... among the billionaires.
I have complained more than once about how high the taxes that we have to pay and its worst when you only have 1 income. Here, (where the rich gets richer and the poor gets poorer) its the middle-income who suffers since a higher portion of their meagre income is taxed to support the poor. So when Mr Warren Buffet made the statement that he (i repeat, the 3rd richest man in the world) is paying a lower percentage of tax on the USD46m that he made last year than his secretary whom last year made USD60k, we know that we're being screwed BIG time. On another note, why is he only paying the secretary usd60k/p.a.? aiyo Mr WB, pay her more than that lah! :P
Apparently on his whopping $46m income last year, he was only taxed 17.7% while the secretary was taxed at 33%. I do find the tax rate for the secretary is a bit too high but im assuming the rate comes from a simple equation of gross pay-net pay which is after deducting the fed tax, state tax, health insurances (medical, dental, prescription, eye), 401k (something like epf but a lot less contribution fr both the employees and employers) and etc.
He then continued on and challenges his peers to do the same and compare their percentage of taxes with their own secretaries and/or workers. Well, they turned him down and one person even suggested that he has gone senile! :P
I googled about it and finds out that he actually made that statement in June this year at a fund-raiser for Hillary Clinton. Read more about it here
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