The ‘Oracle of Omaha,’ billionaire investor Warren Buffet, is still touting the importance of higher taxes.
Buffet said Oct. 6 that the recent White House action to limit tax inversions – in which companies shift their headquarters outside the U.S. to lower their tax bills – provides a good “time out” for the government to work on a logical corporate tax code, according to POLITICO. Buffet himself was criticized after his Berkshire Hathaway provided the financing for Burger King’s recent move to invert to Canada in a merger with Tim Hortons. Buffet maintained that this move was about Tim Horton’s sales, rather than taxes, but this isn’t stopping the new company from taking advantage of Canada’s 15 percent corporate tax rate.
While Buffet admits that the corporate tax code may be easier to fix than the individual tax code, this hasn’t stopped him from bringing up its inherent inequality. In an exclusive interview, he told the news source that the tax on the wealthiest Americans is far too low, and that some of the top 400 earners in the U.S. – who have an average income of $200 million per year – still pay a tax rate of below 10 percent.
“That’s still a lot less than my cleaning lady,” Buffett told POLITICO editor-in-chief John Harris. “So it hasn’t been fully corrected.”
Buffet is famous for pointing out this tax inequality with himself as a prime example, according to Huffington Post. In particular, he has frequently pointed out that his secretary, Debbie Bosanek, pays a tax rate of 35.8 percent while he pays only 17.4 percent.
The reason for this inequality is the relatively low tax on capital gains, from which most wealthy individuals make the majority of their income. Proponents of the current situation argue that a high tax on capital gains discourages investment, but opponents feel that the middle class should not be taxed more than the upper class.
Are Your Conversations with AI Shielded from Discovery? Courts Are Split
Whether a client’s prompts to a generative AI tool and the documents it produces are protected from disclosure depends on the case type, who claims protection, and whether counsel was involved. In United States v. Heppner, a New York federal judge ruled that a criminal defendant’s communications with an AI platform were protected by neither […]
Guardianships in New Jersey: When a Loved One Can No Longer Manage Personal or Financial Affairs
When a family member can no longer make important decisions for themself, the question is often not whether the family will step in, but whether they have the legal authority to do so. A spouse may manage household finances, or an adult child may arrange medical care and pay bills. Still, informal assistance does not […]
New Jersey’s Revised UHAC Regulations: What Residential Developers Need to Know About Affordable Housing Commitments
New Jersey residential developers with affordable housing obligations should carefully review their existing approvals, development agreements, and proposed deed restrictions in light of the State’s revised UHAC regulations (Uniform Housing Affordability Controls). The regulations, which took effect on November 6, 2025, significantly change the administration and physical requirements for affordable housing units. For developers with […]
“No Comment” Culture: Why Silence Is Often the Riskiest Legal Strategy
A “no comment” response is sometimes the right call when a legal problem arises. As a blanket policy, however, it lets allegations go unanswered, deadlines pass, evidence disappear, and manageable disputes grow into expensive litigation. The businesses that fare best are usually the ones that say little publicly while acting decisively behind the scenes. When […]
Utility-Scale Battery Storage Projects: A Legal Roadmap for Developers, Property Owners and Other Stakeholders
Utility-scale battery energy storage systems (BESS) are becoming an increasingly important component of the electric grid throughout New Jersey, New York, and Pennsylvania. As renewable generation expands, electricity demand increases and grid operators seek greater flexibility, battery storage can help balance supply and demand while providing additional capacity and reliability. For developers, battery storage presents […]
Navigating Disputes: Hire a Partnership Dispute Lawyer
A falling out between partners can be disastrous for any business. In many cases, the partnership will not survive. If you are in an unworkable situation with your partners, it may be time to consult a partnership dispute lawyer experienced in handling partnership breakups and dissolutions before the situation deteriorates any further. It is easy […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
