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Buffett: In a league of his own?

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in Small Business Tax,Small Business Tax Deduction Strategies

Do you agree with Warren Buffett? The third-richest person in the world, according to Forbes, recently made headlines when he urged Congress to raise taxes on the wealthy.

Now a new survey of millionaires conducted by PNC Wealth Management indicates that 71% agree with Buffett. But 49% of these respondents claimed that they’re “not in the same league” as the mogul and that higher taxes on the rich should not apply to them personally.

The 555 survey participants each had household investable assets of $1 million or more (excluding real estate). The IRS says that 236,883 households earned $1 million or more in 2009.

Note: The top income tax rate for individuals will rise from 35% in 2012 to 39.6% in 2013 if Congress takes no action.

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