[wideawake]

They do not have an “earned” income, therefore they aren’t taxed.

Do you honestly not know what the capital gains tax is?

The reasons why Buffett supports Obama is not because of the bizarre notion that investment holdings are untaxed - which they most definitely are - but:

(1) Buffett is a strong advocate and funder of abortion and "population control" - it is his personal obssession. Barack Obama is the most pro-abortion candidate for President ever. That alone wins him Buffett's vote.

(2) Buffett is so rich that he can afford to place all of his investments into tax-sheltered trusts, trusts which own the vehicles and properties he uses and which pay for all his meals and incidentals as business expenses. He spends millions to avoid billions in taxes. Very few people are wealthy enough to be in a position where spending 50 or so million on establishing and staffing a family of trusts is cheaper than paying taxes.

It is this, and not an imaginary America where there is no capital gains tax, that exempts Buffett from paying taxes at regular rates.

[hoe_cake]

sorry, you’re right...I wasn’t specific. They don’t have “earned” income like those of us who have to “work” for a living.

[PerConPat]

Buffett is so rich that he can afford to place all of his investments into tax-sheltered trusts...He spends millions to avoid billions in taxes.

Yes, I think this is the reason that many of our wealthiest citizens are often concerned with backing the candidate most likely to win. In order to protect their trusts and other tax advantages, they need clout with the winners. IMHO, guys like Buffett and Soros could not care less if a Rat or a Pub is elected-- as long as the winners are in their pockets.

Demographically, the Rats have the advantage; it's a bell curve thing. So, the master odds players- especially the self made ultra rich- are probably going to put their money on the front runners. There are, of course, exceptions. I've heard that Trump is backing McCain.