It's probably related to that liar, Warren Buffett, and his lie about his secretary.
“It’s probably related to that liar, Warren Buffett, and his lie about his secretary.”
The dirty little secret about Buffett, Democrats, and taxes is Buffett really doesn’t care about marginal income tax rates. Buffett makes his money on capital gains and carried interest. Buffett, and other wealthy individuals, likely supported Obama’s “soak the rich” income tax rate increases in order to keep the focus off the much lower rates on capital gains and carried interest which benefit them.
If Buffett paid a lower percentage of his income taxes than his secretary prior to the Obama income tax increase, he likely pays a lower rate than her today. Of course Obama, with the acquiescence of House Republicans, achieved his objective of raising marginal rates so no one in the press made the observation the tax bill passed did nothing to help Buffett’s secretary or hurt him.
Whenever my progressive associates rail against the wealthy and taxes, I ask them why Democrats continue to protect carried interest? Most don’t even understand this preference for millionaires and billionaires in the financial industry nor the role Chuck Schumer has played behind the scenes in keeping it off the table when Democrats play the soak the rich card.