Warren Buffet Is Over Taxed

I actually don’t know the exact tax rate, but from what I can tell it’s probably well in excess of 90%.  Unfortunately, Warren Buffett seems to know little or nothing about tax theory, and hence has been arguing that his tax rate is equal to the amount of tax paid, divided by his income.  As I argued here, income is a nearly meaningless concept in economics.  All tax incidence questions need to be addressed in terms of consumption.  I don’t know how much Buffett consumes each year, but this article suggests the amount is rather low: