WSJ Article on the Buffet Tax

The assumptions and statements made about taxes the rich pay are simply wrong:

But nearly all millionaires still paid a rate that is more than twice the 8.9% average rate paid by those earning between $50,000 and $100,000, and more than three times the 7.2% average rate paid by those earning less than $50,000.

Clearly Buffet things he can deal with how to spend his money better than the government, as he states about his charitable foundation.

Buffet is not about increasing his tax rate, just the taxes others pay. This seems quite despicable.

IF he thinks the tax rates are too low, there is NOTHING preventing him from paying more.

A good sign of elitism is for those in power to attempt to punish those who became successful in a just manner and reward those who did not.

Links:

Tax rates of 15% a Political Target

How Middle Class is Hurt by Buffet Rule

Link Add very few buffets pic

So here we are back at the same old political stand, though even Mr. Obama concedes that today those he routinely calls "millionaires and billionaires" pay at least some tax. The President's complaint, echoing billionaire Warren Buffett, is that too many billionaires pay a lower rate than regular salary earners. So even as he endorsed tax reform in general yesterday, Mr. Obama insisted that one of his reform "principles" is that people who make more than $1 million must pay a higher tax rate than middle-class earners.

There's one small problem: The entire Buffett Rule premise is false, as the nearby table shows. In 2008, the last year for which such data are available, the IRS reports that those who made more than $1 million in adjusted gross income paid an average income tax rate of 23.3%.

That's slightly lower than the 24.1% rate paid by those making between $500,000 and $1 million, probably because the richest are like Mr. Buffett and earn more from capital gains and dividends.

The rate for a relative handful of the rich—400 people—fell to 18%, the modern equivalent of Barr's Gang of 21.

But nearly all millionaires still paid a rate that is more than twice the 8.9% average rate paid by those earning between $50,000 and $100,000, and more than three times the 7.2% average rate paid by those earning less than $50,000.

The larger point is that the claim that CEOs are routinely paying lower tax rates than their secretaries is Omaha hokum.

If Mr. Obama really wants all of these people to pay even more in taxes, there are only two ways to do so. One is to raise tax rates on capital gains, dividends and other investment income that is taxed at 15% and represents a great deal of income for the wealthy. This is probably Mr. Buffett's tax secret, though to our knowledge he hasn't released his returns to the public.

I have six major issues with Buffett.

1) He INTENTIONALLY does not have Berkshire pay him a salary. If he did, his tax consequence would surely be at the highest income tax rate on whatever that salary would be. It is HIS CHOICE not to take a salary, therefore HE is responsible for his own lower tax rate.

2) The taxes that Berkshire pays are truly mostly taxes paid by HIM! It is interesting how he omits Berkshire's tax liability when discussing his tax liability.

3) IF the US government were such a great and competent spender of money, why does he (and many others, including Gates) start foundations? The benefit to them is 1) tax reductions and 2) THEY get to decide where that money goes! So, inefficient government agencies decide where your and my money goes, but that isn't good enough for Buffett and Gates! THEY want to determine to whom their money goes. Boy, I would like to decide that too!

4) Owning insurance companies that sell insurance to pay for death taxes is a definite conflict of interest. It behooves Buffett to keep the tax structure for estate/death taxes as high as possible, so that his companies can sell more insurance policies.

6) IF he thinks the tax rates are too low, there is NOTHING preventing him from paying more. He DOES NOT have the right to compel me to pay more, but has the right to pay as much as he wants to. Liberals always want to spend someone else's money, and then take credit..."look what I did for you".

Liberals always want to spend someone else's money, and then take credit..."look what I did for you".

WSJ Article on the Buffet Tax

The assumptions and statements made about taxes the rich pay are simply wrong:

But nearly all millionaires still paid a rate that is more than twice the 8.9% average rate paid by those earning between $50,000 and $100,000, and more than three times the 7.2% average rate paid by those earning less than $50,000.

Clearly Buffet things he can deal with how to spend his money better than the government, as he states about his charitable foundation.

Buffet is not about increasing his tax rate, just the taxes others pay. This seems quite despicable.

IF he thinks the tax rates are too low, there is NOTHING preventing him from paying more.

Links:

Buffet Rule or Tax

Actual Tax Percentages

Buffet is like the Pope

Contradictions in Buffet Rule

History of Income Tax

Laffer on Buffet Rule

Reaction to Buffet Rule

Tax the Rich

Tax rates of 15% a Political Target

How Middle Class is Hurt by Buffet Rule

Link Add very few buffets pic

That's slightly lower than the 24.1% rate paid by those making between $500,000 and $1 million, probably because the richest are like Mr. Buffett and earn more from capital gains and dividends.

The rate for a relative handful of the rich—400 people—fell to 18%, the modern equivalent of Barr's Gang of 21.

But nearly all millionaires still paid a rate that is more than twice the 8.9% average rate paid by those earning between $50,000 and $100,000, and more than three times the 7.2% average rate paid by those earning less than $50,000.

The larger point is that the claim that CEOs are routinely paying lower tax rates than their secretaries is Omaha hokum.

I have six major issues with Buffett.

1) He INTENTIONALLY does not have Berkshire pay him a salary. If he did, his tax consequence would surely be at the highest income tax rate on whatever that salary would be. It is HIS CHOICE not to take a salary, therefore HE is responsible for his own lower tax rate.

2) The taxes that Berkshire pays are truly mostly taxes paid by HIM! It is interesting how he omits Berkshire's tax liability when discussing his tax liability.

4) Owning insurance companies that sell insurance to pay for death taxes is a definite conflict of interest. It behooves Buffett to keep the tax structure for estate/death taxes as high as possible, so that his companies can sell more insurance policies.

6) IF he thinks the tax rates are too low, there is NOTHING preventing him from paying more. He DOES NOT have the right to compel me to pay more, but has the right to pay as much as he wants to. Liberals always want to spend someone else's money, and then take credit..."look what I did for you".