The Wall Street Journal recently took issue with Buffett's support for more taxes on the rich. The Journal suggested that Buffett should make public his own tax returns to show all the tax deductions he manages to find to reduce his taxes.
At Fortune's Most Powerful Woman Conference Buffett replied to the Journal: "I think it might be a terrific idea if [The Wall Street Journal] would just ask their boss,, and he and I will meet at Fortune, and we'll both give you our tax returns and you can publish them," "I'm ready tomorrow morning."
Buffett inspired Presidentto name his proposal to hike taxes fon the rich the "Buffett Rule" The Wall Street Journal Editorial Board wrote:"Going only by Mr. Buffett's unverified claims, his federal taxes in 2010 amounted to 17.4% of his taxable income, probably because much of his income was from capital gains and dividends. It's also likely that he took significant deductions for charitable donations. No doubt the millions of Americans who could end up paying more because of this claim would love to see the details," No doubt Rupert Murdoch's tax return would be of equal interest but of course the Journal did not suggest his return be made public.
If the Journal is really interested in transparency it will immediately accept Buffet's generous offer. I would not be surprised if it refuses.