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The consequences of allowing the most prosperous to game the tax system have been profound. Federal budgets, apart from military spending, have been constrained for decades. Roads and bridges have crumbled, social services have withered and the solvency of Social Security and Medicare is perpetually in question.
It also took the nation’s bloodiest war, the Civil War, to finally abolish slavery. It is, therefore, appropriate to annually acknowledge one of the most important events in US history.

Buffett and his fellow billionaires have known this secret for a long time. As Buffett put it in 2011: “There’s been class warfare going on for the last 20 years, and my class has won.”


He touched on what he argued was his administration’s great success with the COVID-19 vaccines, before returning to the kind of anti-immigrant rhetoric that is his hallmark: “They are killers, they are thugs, there are people being released from the jails of other countries,” he said, repeating the familiar talking points that he has used countless times since his 2016 campaign.

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Many Americans live paycheck to paycheck, amassing little wealth and paying the federal government a percentage of their income that rises if they earn more. In recent years, the median American household earned about $70,000 annually and paid 14% in federal taxes. The highest income tax rate, 37%, kicked in this year, for couples, on earnings above $628,300.

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