Annette: I admire Mr. Buffett for being honest and open about taxation fairness. I am made to understand that he made his first Billion being the gate keeeper for U.S. debt sales, taking a fraction of each sale-- as borrowing became the accepted solution for economic decline under the administration of President Reagan. I imagine that, as a good man, Mr. Buffet may have some "guilt and shame" becoming wealthy off the American citizentry as an insider.

The beginning of the income tax was popular--because of laziness and class envy--because it was supposed to be a tax on the rich.

That didn't last.

Buffet, for all his investing acumen, still misses the point about taxes. He proved as much when he used the example of property tax: his home in Newport Beach about a third of the tax of his home in Omaha. His conclusion was that people in CA were taxed too low.

What???????

The point is that people in Nebraska are taxed too high. They should pay people to live there.

If every state, local, and the federal government received twice as much money in taxes TOMORROW that they have today we would see no appreciable difference in our lives.

But every politician would vote themselves a pay raise for their genius and immediately increase their entourages...I mean, staffs.

The constitution does not allow for a graduated tax. It only allows for a proportionate tax. The flat tax is the only true legal way of taxing anyway. Oh by the way income defined by the Government "is profit obtained through corporate activities." Labor was define as personal property so by that we should not even be discussing this because by our own governments definition they should not be applying any tax to our labor. Some please show me the law, amendment, or Bill that gives the right to our government the right to apply a graduated tax. Everyone stop filing and claim 20 dependants so they can"t take your money.

When Warren Buffet speaks of his secretary pays a higher % taxes than he does, it is because of the Social Security and Medicare, not the federal income tax.

SSI taxes 7.85% up to an $85K annual income AND the employer matches it with another 7.85%, which is essentially reduced from the employees total compensation. Folks, that is a 15.7 BASE tax everyone pays with no federal or state refund. Add to this the SS trust will be bankrupt in 2017, we are faced with a regressive tax paying for something that won't be around for those who paid into it.

The stability of SS is a political hot potato, everyone loves the benefits, but noone wants to stop the hemorraging, so don't expect any tax reform to change this status quo.

Many of the comments display complete ignorance of the true nature of the tax system in the US. Read "Perfectly Legal:The Covert Campaign to Rig Our Tax System to Benefit the Super Rich--and Cheat Everybody Else" by David Cay Johnston, a Pulitzer Prize-winning reporter for the New York Times and see how both Parties have betrayed the vast electorate through the tax code.

The polarizing distribution of wealth has been known to occur gradually over the past several decades in many social science circles. There is no shortage of documentation on the subject. This nickel and dime effect is the source of the problem inherent in our economy as we gradually awaken from the premise that a sustainable middle class ever really existed. Greater financial wealth goes hand-in-hand with greater political leverage. As a result, the rich get richer and the poor get poorer and we awaken to the fact that the middle gets nothing. The term "middle class" implies a politically inert group with no political identity, which plays right into the hands of the truly affluent.

As my cousin once said, apply enough lubricant and insert the shaft slowly enough so the people don't realize how screwed they really are. Buffet and others have always known this. I think his reasons for speaking up is the realization that there is now less lubricant and the sex is getting the natives restless.

I saw Buffett getting interviewed and he seems like he has a conscience. He stated his secretary pays twice the taxes he pays and he thinks that is unfair. He also stated he would never attempt a hostile take-over of any corporation. Now that is class. He seems he enjoys making money, he studies it and he seems
to have gained all of his wealth honestly.
I am still for a flat tax of 17% or less. It worked for Russia and catapulted that in a GDP with double digits. A flat tax without any
deductions would make it much easier to have the right tax taken out without having to file later and surprise, surprise, you owe!!!

We don't need tax reform. We already have a progressive tax rate that would work without all of the cuts that have been going to the wealthiest ten percent of the population since Reagan.

Lower taxes create a better economy ONLY if the majority of people get lower taxes. The average will spend that tax saving, and that boosts the economy, driving the need for more products, more workers to produce those products, more warehousing to store them, more stores to sell them.

Lowering taxes for the wealthiest people in this country is the sure route to financial disaster. Consider the Great Depression. It was caused ENTIRELY by financial benefits to the wealthy, while ignoring the lower economic levels of society. And what happened? The majority of Americans survived it financially, while the wealthy were ruined, some so much they took their own lives because they were too cowardly to face their part in the collapse.

IF Bush's tax cuts are allowed to become permanent, by the year 2010, the wealthiest 1% in this country will be getting nearly 52% of the tax cuts, while the 2 poorest groups in this country will actually have to PAY more in taxes, and we'll be well on our way to another huge economic collapse.

As usual Warren is right... And he is right about inheritance taxes staying too. I know its popular to tax about "death taxes", but think about it... Bill Gates and Warren Buffett. They are worth how much? Gates' worth is due to stock that cost him(in dollars) very little. How much of his wealth has been taxed? Very little... without inheritance taxes it could be passed on without ever being taxed...So you own stock worth $1 billion with no cost basis(and never sold) compared to earning $1 billion over a lifetime. Which is taxed more? The earned income. A consumption tax would tax them both.

My biggest issue with most federal tax reform is that it doesn't tax income, only wages.

Why should hedge fund managers and trust fund/inheritance babies be taxed at a lower rate than John or Jane Doe who have to schlep for a living?

Lower taxes create opportunities and employment. Period.

Flat tax for all on all forms of income to cut out the need for tax preparers and lawyers and shelters. 17% across the Board.

Have to laugh. It's easy for Buffet to come off as a sympathizer but I'm rather sure if what he proposes (i.e. "fair taxes) were the reality, he'd be the first one trying to beat the system. I'm really amazed how many gullible people there are.
Buffet's conscience must be bothing him, but that's the extent of it. The truth is, he wouldn't have the system any other way than it currently is. And 'unfair' is an understatement.

It is all in the details of the tax.

Most sales (consumption)taxes hurt the middle class earners the most. We spend almost every penny we earn for food, gas, utilities, health care, clothing and a home.

The consumption/flat/sales tax that has been floating around even taxes, a new home, a visit to the doctor. It leaves in the high taxes on beer, liquor, cigarettes and firearms.

Buffet means well, but he should have his financial advisors study the flat tax before he endorses it. (That is, if his advisors aren't republican.)

There is a clause in the income tax bill that keeps them from being able to destroy Social Security and Medicare, too.

Those types of taxes always hurts the middle class. The rate would be more like 37% instead of 17% also.

I applaud Buffet for his common sense comments. The embarrassing give-away by bush and the GOP to the uber-wealthy in tax breaks is destructive and more importantly undemocratic.