A Revolt Against "the Wealth Fraternity" ... By the Super-Rich!

The rich pay most of the taxes to keep the poor safe, well-fed and educated, right? Every good Republican knows that. But wait...

"There are signs that some super-rich are revolting against their 'wealth fraternity.' Last fall, mega-billionaire, Warren Buffett, traveled to Washington to meet with Democratic Senators and urge them to raise taxes on the wealthy like him. He pointedly said he pays at a lower rate than his secretary," a post on nader.org writes.

How do ya like THAT! Surely there must be some catch, right? The article continues:

"Just last week, Mr. Gates, father of Microsoft’s Bill, Jr. launched an initiative campaign in Washington state to impose a progressive income tax on the wealthiest citizens (over $200,000 income) and roll back taxes on property and small business revenues."

Hmm. Now the plot thickens. Okay, so I'm super-rich and I'm worth let's say $1 billion in "property." I also report "income" (variously defined) of, say, $500,000 per year. Now, depending on how "progressive" that income tax is and how far they roll back taxes on my property I might come out ahead, or I might get beat. Well, that's where the tax lawyers and pricey accountants come in to give me the bottom line and advise me.

All I know is that Warren Buffett sure didn't acquire his mega-billions by being stupid. Methinks that when the dust settles Mr. Buffett will come out ahead. What about you?