The Economic Policy Institute (EPI) released a new chart/illustration that looks what how much you have to earn in a year to be in the top one percent of your state. Considering how highly taxed citizens are in states like California, New Jersey and New York, how can someone earning $438,000 be placed in the same box as Warren Buffett (if you use the logic of these anti-one percent protesters)?
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Warren Buffett is only reporting $30 million to the IRS as income even though he has two or three billion in economic income. Mr. Buffett never sells his stock so he does not report capital gains. Mr. Buffett is the reason Estate taxes are needed. Most of his wealth has never been taxed by the income tax.