Posted on 09/19/2011 9:43:59 AM PDT by taildragger
I am listening to Obama complain that Warren's Secretary pays a higher rate than he does.
My friends, I think he stepped in a meadow muffin here.
Let's say she is a highly compensated Secretary, she is probably in a 28% income tax rate if not higher, while Warren's income from Dividends and Capital Gains is 15%.
So rather than raise Warren's rates, why not lower hers to 15%? While your at it, make everyone's Income Tax rate 15% so we all can understand it, no deductions works for me as well.
Heck while we at it, lower Corporate tax rates to 15% with no deductions. If you change these rates to one that is equal, we are not far from the old Steve Forbes Flat Tax Model.
Now this is not to get into the Flat vs. Fair argument we can save that for later.
The bottom line is, in the inverted world of A does not equal A for Obama, he has it for us that do know A ='s A exactly backwards.
There is a better plan
Herman Cain proposed 9,9,9 plan (similar to yours)
that is revenue nuetral
Reminded folks that the rich, like Buffet, can send "extra tax money" to the IRS...and that so far, Buffet hasn't sent more than he had to.
The Obama, and too many voters, think lower tax rates mean lower federal revenue and thus fewer benefits, that the only solution to the deficit is take more and the only solution to society’s ills is spend more. Awash in luxury (our poor are fat and flush their toilets with drinking water), the Left’s only goal is to share the misery.
Yes we could discuss the rates, the bottom line is and I think you would agree, Obama has it bass ackwards...
“While your at it, make everyone’s Income Tax rate 15% “
His goal is to PUNISH the rich, not create a fair and simple tax system.
Simplicity defeats his goal of dividing us and making us hate eachother and dependent on government.
A complex system that can be games by tax lawyers is ideal for demagogues, as the system will NEVER tax Buffett ‘fairly’, and higher rates just send the rich to the shelters.
Of course, she pays more. Buffet hasn’t payed taxes since 2002. He owes over $1 billion.
Buffet's Berkshire Hathaway has been fighting with the IRS over its tax bill since 2002.
If Buffet is so eager to pay more taxes, the Treasury accepts donations.
Why doesn’t Warren Buffett just donate one of his shares of Berkshire Hathaway to each citizen of the country and we can all live big off of the low capital gains taxes on dividends?
Buffett’s company OWES the IRS a BILLION DOLLARS!!! PAY UP, you TAX CHEATER!!!
Great post.
In the land of unintended consequences, it would be funny if an angry mob of protesters stormed his headquarters demanding his money and his head!
How about the 50% of the country that pays no federal income tax. Are we gonna raise their rates from 0% to 15% ??
No.0bama will only propose doubling them (including the ‘earned income credit’). It’s about fairness, ok.
Buffet could “gift” his employees and he himself could pay THEIR taxes in effect. That would solve his little problem because he would be paying more and they would be paying less. Tired of hearing him whine about his secretary as if it is a real issue. She could quit if it isn’t working out for her. And, by the way, how much does she make anyway? A question I have not seen asked or answered. If she is paid a small amount, then shame on him and if she is paid a lot then her taxes will go up as well. Oops.
Agreed, he is a socialist beast...
“Reminded folks that the rich, like Buffet, can send “extra tax money” to the IRS...and that so far, Buffet hasn’t sent more than he had to.”
Buffett hasn’t sent any since 2001.
Shares of Berkshire Hathaway have not paid any dividends since the 1960s. And there’s no such thing as “capital gains taxes on dividends.”
What Buffett was whining about was that he doesn’t pay taxes on *unrealized* capital gains, but neither does anyone else (why should you pay a tax on the fact that your home went up in value when you haven’t sold it and realized the gain?).
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