Quote by Michael Bloomberg

If Warren Buffett made his money from ordinary income rather than capital gains, his tax rate would be a lot higher than his secretary's. In fact a very small percentage of people in this country pay a big chunk of the taxes.

If Warren Buffett made his money from ordinary income rather

Summary

This quote highlights the discrepancy in tax rates between different income sources and individuals. It argues that if Warren Buffett, a successful investor, earned regular income like his secretary, he would have a higher tax rate. It suggests that a small percentage of people, likely referring to the wealthy, contribute a significant portion of the country's tax revenue. The quote implies that the current tax system may disproportionately burden certain individuals or income types.

Topics

Money

By Michael Bloomberg

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