Warren E. Buffett, take note. It is not just a few wealthy individuals paying unusually low taxes to the federal government. Corporate America is not far behind.
A comprehensive study released on Thursday found that 280 of the biggest publicly traded American companies faced federal income tax bills equal to 18.5 percent of their profits during the last three years â€” little more than half the official corporate rate of 35 percent and lower than their competitors in many industrialized countries.
Mr. Buffett, the billionaire investor, has said that the tax code is unfair, allowing him to pay just 17 percent in federal taxes last year, about half the percentage his secretary paid.
As always, more there.
So much for the belief that the top 1% pay 45% of the taxes.
I am speaking of the life of a man who knows that the world is not given by his fathers, but borrowed from his children; who has undertaken to cherish it and do it no damage, not because he is duty-bound, but because he loves the world and loves his children… - Wendell Berry, 1971