By the way, Newt Gingrich’s plan would have us all paying closer to what appears to be the standard millionaire’s rates, ie, 15% or less. Newt wants a personal flat tax of 15% after deductions for us working stiffs and he wants to cut the corporate tax rate down to 12.5%, and eliminate the capital gains tax altogether.
This article claims Buffet pays only 10% on his income and I’ve seen articles stating Romney pays 13%. With Newt’s plan, we damned near pay the same rates. Fair is fair. /s
Of course if Newt gets his way and drastically cuts the income tax, then the federal government can’t live on that and that’s got the establishment in a panic.
Well, surprise, surprise. Newt also wants to gut the federal government too. Strip it of its unconstitutional socialist welfare programs and ship them all back to the states and the people where they can either control them locally or shut them down!
He also wants to privatize social security and medicare, phase them out, and eliminate the payroll taxes.
This is Reagan on steroids.
We’re talking major economic boom here!!
If we didn’t have the Obamazombied Americans they would figure out that 15% flat tax is the fair tax.
The whole SOTU was about more welfare to buy votes.
I think Obama fears going up against Newt more than Ole Mittens because Newt strips Obama of any argument about “fair share”.
Buffett’s rate is closer to 1%.
Most of his income is “unrealized capital gains”. And the combined federal-state-local rate on “unrealized capital gains” is 0%. Since he is moving these assets into charitable trusts where they will never be taxed, almost all of his income will never be taxed. (except the taxes at the source, the corporate taxes.)
The DEMS would never dare to tax folks like Buffett.