A taxing question
George Kaiser
Oklahoma’s own George Kaiser, a member of the Forbes 400, agrees with Warren Buffett that the wealthy should pay higher taxes, up to half of their income or even more.
Buffett, the world’s wealthiest person, last year said he paid a lower tax rate than his own receptionist. Buffett said last year he was taxed at 17.7 percent on his taxable income of more than $46 million. His receptionist was taxed at about 30 percent.
Buffett said that was despite the fact that he was not trying to avoid paying higher taxes. “I don’t have a tax shelter,” he said.
Further, he issued a challenge to his fellow billionaires:
I’ll bet a million dollars against any member of the Forbes 400 who challenges me that the average (federal tax rate including income and payroll taxes) for the Forbes 400 will be less than the average of their receptionists.
Kaiser, chairman of Kaiser-Francis Oil Co. and BOK Financial Corp., agreed with Buffett in an email he sent to Forbes magazine.
I agree wholeheartedly that our tax system is insufficiently progressive. I also agree that the estate tax at levels above $10 million should be retained. Higher tax rates for higher levels of income (up to at least 50%, maybe higher) not only are socially responsible but also would encourage more charitable giving.
Billionaire Dallas Mavericks owner Mark Cuban also believes the ultra-wealthy are undertaxed.
Don Mecoy
Business Writer
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