Buffett slams US tax system

Warren Buffett, the veteran investor has issued a stinging criticism of the
US tax system, despite being a major beneficiary of the regime.

The world’s third richest man delivered the broadside at a fundraiser for
Senator Hillary Clinton as the debate has raged in the UK concerning the tax
breaks that private equity execs enjoy as they rake in huge profits from company

Buffett said that he was taxed at 17.7% on the 46.6m (£23.3m) he made last
year while his secretary had to weather a 30% levy on her $60,000 salary.

He also slammed a Republican proposal to eliminate certain facets of
inheritance tax demands. The levy currently brings in approximately $30bn from
America’s richest families. Buffett warned that the slack would be probably be
taken up by a tax hike imposed on the less prosperous.

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