Sunday, Aug. 21, 2011 | 2:01 a.m.
President Barack Obama and some letters to the editor repeat Warren Buffett’s claim that his employees pay a higher percentage of federal taxes than he does. But Mr. Buffet, the president and the letter writers don’t mention that although he only pays 15 percent on his dividends and capital gains, he has already paid a corporate tax of 35 percent on much of his income.
Additionally, Mr. Buffett has already sheltered some of his money from federal taxes by giving it to various foundations. In 2007, Mr. Buffett said, “I think that on balance the Gates Foundation, my daughter’s foundation, my two sons’ foundations will do a better job with lower administrative costs and better selection of beneficiaries than the government.”
Based on this information, I conclude Mr. Buffett is paying a higher percentage of his money to society’s benefit than what his secretary pays.