Inconvenience
Inconvenience
It Sure Is Inconvenient
When One Of The Richest Men In America
Says He Pays A Lower Tax Rate Than His Receptionist
For more see the Tom Brokaw interview of Warren Buffet
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Misleading:
This is a misleading statement. The income (dividends) that Warren Buffet collects and pays taxes on (15%) has already been taxed at the corporate rate of 35%. The income his secretary makes is an operating expense for a company and isn’t taxed at the corporate rate. That money is only taxed once at 35% (assuming she is in the highest bracket). I have heard this argument from Warren Buffet multiple times, and it is just not correct. The actual dollars that he takes home are taxed cumulatively at a much higher rate than his secretaries salary.
4 June 2008, 4:17 pmW. Shedd:
Misleading is an idiot.
Corporate profits are not taxed at some flat rate of 35%, and dividends paid as a result of profits from C corporations are taxed at a very low rate. I am also sure that Buffet’s sole income source is not dividends. Lastly, he is also is able to shelter his income in various ways in which a typical middle to upper class employee can not, resulting in an even lower tax. Generally, it is those last tax breaks that the Bush Administration has supported that he has complained are unnecessary.
4 June 2008, 5:15 pm