[Deo volente]

According to Time magazine, Warren Buffett paid a tax rate of only 11% last year on a gross income of $62 million.

I wonder if Obama’s going to go after Buffett for the rest of his “fair share”.

[Question Liberal Authority]

Warren Buffett paid a tax rate of only 11% last year on a gross income of $62 million.

Warren Buffett has accumulated a net worth of about $39 billion over a period of about 60 years. On average, he's gained $650 million per year in wealth, more than 10 times his "gross income".

He's been able to accumulate so much in part because he's structured his entire life to pay as little in taxes as possible. Income tax doesn't hurt "the wealthy". It hurts those who are trying to become wealthy, and those who hope to sell goods and services to the wealthy.

The most astonishing thing to me about Mitt's tax return is that it was 500 pages long. That's a Tolstoy novel. An American citizen shouldn't have to file 500 pages of paperwork to the Federal government over the course of their entire life.

[greeneyes]

New York Times LIES. Buffet's corporation paid around 30% tax rate for the shareholder's income tax. Buffet pays 15% on dividends. He also pays ordinary income tax on $100,000 salary and whatever director's fees which were around $75,000 dollars when I researched it all last summer.

To claim that he pays less in taxes than his secretary(makes about $60,000) he ignores the corporate income tax rate, and inflates his secretary's rate to include the employee and employer's portion of FICA taxes(15%).

Furthermore increasing the income tax rate on incomes over $200,000 or $250,000 doesn't impact Buffet because he doesn't take a salary that large. It is just one big scam.

Every time they raise the taxes on Millionaires, my taxes go up, and I have to borrow money to pay them. I HATE this crap. Wish they'd all be struck mute.