The so-called Sage of Omaha, Warren Buffett, is back with another op-ed piece in today's New York Times, this one suggesting, "a minimum tax on high incomes. I would suggest 30 percent of taxable income between $1 million and $10 million, and 35 percent on amounts above that."
This one would have little appreciable impact on Mr. Buffett, because most of his wealth has come from unrealized capital gains that don't count as taxable income under the federal definition. It's just posturing.
It's also not clear whether by "taxable income" Mr. Buffett would include interest on municipal bonds or bonds from government-sponsored entities such as Fannie Mae. If that doesn't count, it's another way that his proposal is just showmanship.
