If taxes are cut, all those loopholes they purchased become much less valuable.
Rush, following your line of reasoning Trump/Ryan should raise the capital gains tax rate.
Much of their wealth is tied up in tax-exempt trust funds and foundations. I am in favor of eliminating all tax exempt status. Let people donate money or otherwise do good without regard to tax status. Allowing tax-free huge salaries and fancy expenses accounts to run foundations is ridiculous.
they make more money now even with their tax charity dodges then they did before....
they are liars and manipulators...
and they follow the globalist mantra of destroying the middle class so we're all one mass of unhappy struggling starving sheeple...
because they do whatever George Schwartz I mean George Soros tells them? Oy vey!
Income tax is a great way to prevent people from being able to move ahead.
That you Rush?
Are you trolling for hits to your blog again?
The hairball of a tax code was written with companies like Warren Buffett’s insurance holdings in mind.
What do he and Gates actually pay as an effective tax rate?
Small business and self employed, the backbone of the USA economy, get reamed by higher effective rates, and a hugely complicated tax code.
“The reason these rich guys are always out promoting no tax cuts is because it’s the best insurance they can get against the barbarians storming their gates and trying to steal their money.”
The image I’ve had is that scene in “Gangs of New York”, where the unwashed break into the mansion of one of the untouchable New York elite. That’s one reason why, I think, Buffet, et al spew mindless leftist rhetoric. It’s property and life insurance that cost them nothing. And they get regarded as magnanimous without spending a cent.
They don't pay taxes, we have to, even before Donald Trump was President he paid taxes...so why not them???
And why did it take so long before the Clintons pay their taxes? And has the REV. (phony) Sharpton ever pay his taxes, if not, why not???
Before you start biting the hand that feeds you, maybe you shouldn't look a ‘gift horse’ in the mouth, you might draw attention to something that isn't entirely legal and it will get shut down...wonder if that has gone through their ‘left-atl’ brains yet???
“They’re creating hatred for the rich”
To go further, they’re creating hatred for their competitors so the government can crush those competitors with high taxes and regulations, while keeping their own wealth sheltered.
This isn’t really true. Many of the tax reforms being discussed are targeted at taxing the types of income a lot of these people have. Carried interest, etc. So it’s not entirely true to say they don’t care. Because they might if the laws change.
The issues is, they are worth obscene amounts of money and can essentially churn that wealth into even more money to the extent where they won’t feel any sort of tax reform.
By rights we ought to just stand-down and LET the barbarians storm their gates.
It is long past time that the U.S. Institute a wealth tax.
Glad to hear Rush talking about this lately, as we’ve been screaming it on FR for years: high income taxes don’t affect the wealthy, they merely keep others from becoming wealthy.
As to Buffett being a liberal, if you think about it, his fortune is based primarily on the insurance business, which is nothing more than a socialized private sphere, rent-seeking within a defined group. He’s so greedy he’d wish that upon everyone through federal dictates.
I don’t have a problem with the insurance industry, per se, as it provides an essential business function — when limited. Like government, though, as it expands beyond mitigation of risk it makes everything more expensive and eventually serves only itself at the expense of the rest of us.