"OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched."
Mr. Buffet's editorial is well timed, coming on the heels of more political posturing than honest discussion and legitimate compromise, regarding raising the US debt ceiling and deficit reduction talks. Buffett points out that his tax rate last year was 17.4% (half the tax rate of the other 20 people in his office), and that the "super rich" now pay less than they ever have, despite benefiting from a system that has allowed them to reap record salaries, bonuses and perks. However, I don't believe Buffett's editorial is likely to budge an increasingly intransigent Congress, nor foster debate and dialog about his suggestion to raise taxes on the "super rich" with the newly appointed bipartisan Committee of 12.
Looking at the current list of Republican Presidential hopefuls, I wonder if they can even fathom his logic of what "Shared Sacrifice" really means. You can read Warren Buffett's editorial in its entirety here and decide for yourself.