Warren Buffett doesn't own a superyacht...?!

Well, apparently the world's 3rd richest man doesn't own a yacht. And it's all the more surprising when you consider he bought a $500m stake in a Chinese bank a year ago which he just sold for $3,500m.

I watched the NBC Evening News yesterday. Warren Buffett thinks he's not paying enough taxes. And that the tax system unduly favours the rich.

15 out of 18 employees at Buffett's "nerve centre" in Omaha responded to a survey where it appeared that the average tax rate of these employees was 32.9% compared to Buffett's own 17.7% - and that was with Buffett's admission that he does not use tax planning, tax shelters or even employs a tax consultant...?!

He thinks that the preferential tax treatment on capital gains, the way hedge fund managers reduce their own tax obligations etc. is quite unnecessary. He harks back to the time when capital gains tax was at 40%: and he doesn't remember himself or anyone else deciding to stop work early "to go watch a movie" because "they'd paid too much taxes today already...?!"

His challenge to any current CEOs of Forbes 400 companies: If any one of them can prove that they paid a higher tax rate than their secretary did on a percentage basis of their total income, he'll donate $1m to a charity...?!

If he is truly serious, then I'd much rather see Warren Buffett contributing say, several $ billion (he can afford it) towards an International effort in identifying instances where governments and tax legislation might have been swayed because of various lobbies or other interested parties, whether or not these involved funding, commissions, bribes or other enticements (legal or otherwise). I'd volunteer to run the French division.

Of course, that would make me a target of sorts. So I'd need to upgrade my Renault Twingo transportation for a chauffeur-driven and armour-plated Mercedes-Benz. And I'd warrant that Warren would also have to stop driving his own ordinary Detroit-built automobile...?!

Would any superyacht owners, or even the smaller yacht owners perusing this forum like to comment, just in case they do actually pay more in taxes than their secretaries do (in percentage terms)...?!

For what it's worth, because I drink and smoke, I reckon my total tax rate to be in the region of 60-70% of income, what with TVA (sales tax), income taxes and social security deductions...

On the face of it, that sounds extremely unfair. Anyone on minimum wages, having to spend 100% of their income just to get by, would automatically be paying a higher notional tax rate compared to those who have anything left over after paying the bills...?

But how about if everyone paid 10% of what they earn (salaries, capital gains, profits). Both companies and individuals. If there are any tax breaks to be had, they should apply both to companies and individuals - so for example, individuals should be able to carry forward losses in bad years too. Social security costs included obviously - if individuals have to pay for their continued health and security, I don't see why this shouldn't apply to companies also. It seems to me that the USA is currently expending several hundreds of billions of dollars annually in Iraq, in order to defend US national interests. If we were to truly count the cost to the individual taxpayer, well, that might be measured by the number of dead or injured GIs. I don't recollect any US corporations dying a sudden or painful death as a result of this campaign...?!

I was under the impression that it was pretty much that way already. Take the Channel Tunnel. In another age, that might have been considered a project like the canals the Romans built to distribute fresh water around the Empire. The Roman Empire used slaves. What do France and the UK do in the 20th Century? They encourage the small numbers of their citizens who are still able to put aside small savings (in the midst of huge sales of state-owned assets), to invest, to profit from the blessings of wider share-ownership. They have all basically lost. Who benefits today...?!

Personally, I think I may just as well have my salary paid directly into the bank account of the French inland revenue. They could then wire me what was left after all deductions. That would surely have some effect on government efficiency in the sense that they would no longer have to devote additional resources or management towards reclaiming unpaid taxes (one would hope). Presumably, the day might arrive that mysteriously, my bills towards rent, electricity, gas, car loan, gasoline costs, food etc. almost identically match what the government in their largesse is good enough to leave me plus what I'd like to call a small amount "pocket money".

Someone remind me when slavery was abolished...?!