Buffett and Gates Go Back to School (Part 7 of 8)

For the latest Warren Buffett, go to WarrenBuffettNews.com – There is no need for a flat income tax. You’d be surprised how flat it is already. The hidden tax on poor people is the payroll tax. That tax is negligible for people like Buffett and Gates. There has been a huge benefit to the rich. When you read about the tax rate, they usually always leave out the payroll tax. The rich should probably bear a higher burden than they already do. Buffett could go the rest of his life without ever paying any federal income tax. It is very unfair for the poorer people. The prosperity and wealth of the world come about through the products that people like Buffett and Gates make. In this process, they accumulate money, but those are more like claim checks on society. They are not consuming any of their wealth. Instead, they are using that money in order to change the world in the best way possible. Owning a large company is not consumption. If someone makes million and they build a bunch of mansions, then they are redirecting society’s limited resources into their own direction. Buffett can do almost anything that doesn’t involve physical activity. What he chooses to do is to jump out of bed and work at Berkshire Hathaway. For Gates, he will be 60 in ten years. His life’s work has been around Microsoft. In the near future, he will be spending more time on philanthropy. He loves his job, and he will always want to be involved in some capacity. Apart from business, success in

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