Regressive taxes

[psychohist]

Warren Buffett is 180 times as rich as Mitt Romney, but only pays 2 times as much taxes.
Warren Buffett is 2000 times as rich as Newt Gingrich, but only pays 6 times as much taxes.

Yet, when Buffett and Obama talk about raising taxes, they suggest raising the kind of taxes Gingrich pays, not the kind that Buffett pays. Meanwhile, Gingrich wants to cut Buffett's taxes to zero, but not his own.

Is it any wonder the rich get richer? Come on, folks, the problem is the billionaires, not the millionaires.

Here are the numbers:

Warren Buffett's approximate wealth: $39,000,000,000 (39 billion, 39,000 million)
Warren Buffett's 2010 taxes: $6,938,744 - 0.02% of wealth (0.06% of real income)

Mitt Romney's approximate wealth: $220,000,000 (250 million)
Mitt Romney's 2010 taxes: $3,000,000 - 1% of wealth (14% of income)

Newt Gingrich's approximate wealth: $19,000,000 (19 million)
Newt Gingrich's 2010 taxes: $994,708 - 5% of wealth (31% of income)

Sources:
http://www.therichest.org/business/warren-buffett-net-worth/
http://online.wsj.com/article/SB10001424052970203462304577138961587258988.html?mod=WSJ_Opinion_LEADTop
http://www.washingtonpost.com/politics/2012/01/23/gIQAj5bUMQ_story.html
http://money.cnn.com/2012/01/19/news/economy/Gingrich_tax_returns/index.htm
http://www.ronpaul2012.com/2011/12/02/in-case-you-missed-it-cs-monitor-being-a-washington-insider-has-made-newt-gingrich-a-wealthy-man/