So is Romney's.
Capital gains are typically less because they've already been taxed once as corporate profits. Buffett's corporation, Berkshire Hathaway, is paying about 29 percent, a piece of information that was in my post on what the top ten corporations are paying.
Buffett has worked hard to arrange that his personal income is taxed at a low rate. Meanwhile, he makes noises on how he should pay more, and the gormless idiots look at the sky and drink it up like domestic turkeys drowning in a rainstorm.
If Buffett wants to pay more, he can take his income as a normal salary. Problem solved.
If his secretary is paying over 35 percent, the first thing she needs to do is throttle her accountant. Someone paying 35 percent is either making a hell of a lot more money than we think, or is screwing up very badly.
The second thing she can do is ask her boss to pay her partially with stock so she can partake of the capital gains deal. Will he?
Buffett's setup is deliberate. It took effort to do it that way. He's paying low taxes because he badly wants to pay low taxes.
People need to wake up and smell the bullshit.
As for Romney, the boob put a lot of his money into an IRA, which is currently worth about $100 million. In a few years, when the mandated withdrawals start, the tax man is going to take him to the cleaners.
Flame » in reply to Re: A flat tax is a proportional tax.
Warren Buffett pays a lower rate than his secretary because his income is taxed as capital gains, and hers isn't.
The whole thread (35 posts)
- So Romney's paying...
- Romney paid over $6 million in Federal taxes in the past two years.
- Re: Romney paid over $6 million in Federal taxes in the past two years.
- Just for fun
- Be careful of the terminology. (EDITED FOR CORRECTION)
- One more time if you don’t mind
- define:progressive tax rate, define:regressive tax rate
- What?
- Re: define:progressive tax rate, define:regressive tax rate
- You do love that red herring, don't you?
- About the definitions, you were right and I was wrong.
- And I spoke too soon
- Re: And I spoke too soon
- Yeah, those look like "my" numbers.
- The problem with defending markets here is that too many people can't think outside the "managed economy" box.
- Yeah, those look like "my" numbers.
- Re: And I spoke too soon
- And I spoke too soon
- About the definitions, you were right and I was wrong.
- You do love that red herring, don't you?
- I don't mind wealthy people paying more taxes than people who aren't. I never did.
- define:progressive tax rate, define:regressive tax rate
- One more time if you don’t mind
- Be careful of the terminology. (EDITED FOR CORRECTION)
- Tax rates of presidential candidates
- Romney paid over $6 million in Federal taxes in the past two years.