Throughout his career, Mr. Buffett has been influential in creating hundreds of thousands of jobs and billions of dollars in wealth, and he has directly and indirectly paid billions of dollars in taxes. But Mr. Buffett is an equity owner in the companies he has created. As such, Mr. Buffett takes all of the risks and gets paid last: after his employees, after his creditors, after every form of government. While he is partially correct that his "income" is only taxed at 17 percent, Mr. Buffett is also guilty of some sleight of hand. A simple example will illustrate the point.