Income Inequality

Business genius talks

Warren Buffett, the world’s third richest man, appeared on The Daily Show with Jon Stewart along with Carol Loomis, senior editor-at-large for Fortune and author of Tap Dancing to Work. A few quotes:

Warren Buffett:

“In the last ten years, I have probably paid taxes, counting payroll taxes, at a lower rate than Carol has. It’s wrong.”

“Twenty years ago, the Forbes 400 had an aggregate wealth of $300 billion. Now, it’s more than quintupled. That has not happened in the middle class.”

Jon Stewart:

“Productivity of workers has doubled yet median income has stayed static.”

Warren Buffett:

“Of the 400 highest incomes in the United States in 2009, the most recent year we have figures for, a quarter of the people paid taxes at a rate less than 15%… And six of them paid nothing at all. They were part of the 47%.”

In “Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2012,” Loomis collects Fortune’s coverage of the influential business magnate’s singular worldview.  Excerpts can be found HERE.

1 reply »

  1. A balanceing of the tax ledger, between the public, government and business, will have to occur, in order for society to “mature” further.
    The use of tax avoidance must cease and governments will be the catalyst, whether they know it now or not. With the “demise” of the middle class, as an economic entity, the so called business revolution will be complete. However, no middle class, no large tax revenues for government.

    The reality, will be a slide into “economic mediocrity” and the loss of further opportunity, to jurisdictions where a healthy social contract, is maintained at a balance for all. No taxes or not enough to improve society, society disintegrates along with the infrastructure. The southern US and Greece are examples of what's to come.

    Like

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