Great column from billionaire Warren Buffet
- Thread starter QuaoarsKing
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I do note the cognitive dissonance apparent in many who argue about higher tax rates, e.g. America is freaking awesome but if people have to pay a little more in taxes they'll yesterday. If the wealthy can make the most money staying in America, it doesn't much matter what the tax rate is, and if they can make the most in another country, they'll leave regardless of lower taxes. What he doesn't hit on is the red herring about raising the income tax on people making over 250k a year. He does state, though, that most of the super rich do not earn their income the way people making 50k a year do. A brain surgeon who makes half a million a year saving people's lives pays way more in taxes than a guy who sits on his *** holding Apple stock for a year and selling it for half a million in gains. Perhaps long term capital gains should change from 1 year to 10 years. And the hedge fund management rules have to go.<div>
</div><div>Lock it up, boys.</div>
</div><div>Lock it up, boys.</div>
Just the fact that he is in the 17.5% tax bracket tells me he is full of crap. If he truely belived in what he said he would not take any tax breaks, writes off, loop holes or anything else he used to get into that 17.5% tax bracket. The law says you have to file but there is no law that says you have to take tax breaks when you do.</p>
http://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States
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</div><div>I am by no means a tax accountant, but if he has an assload of long-term capital gains, those are only taxed at 15%. He probably earns a relatively small salary that accounts for all his ordinary income (and also his payroll taxes).</div><div>
</div><div>From the look of that chart, it appears you can have zero ordinary income but a ton of capital gains and pay no capital gains tax. Please correct me if I'm wrong on this.</div>
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</div><div>I am by no means a tax accountant, but if he has an assload of long-term capital gains, those are only taxed at 15%. He probably earns a relatively small salary that accounts for all his ordinary income (and also his payroll taxes).</div><div>
</div><div>From the look of that chart, it appears you can have zero ordinary income but a ton of capital gains and pay no capital gains tax. Please correct me if I'm wrong on this.</div>
Should the point on this debate be more about how our money is being spent than the actual amount being collected? I dont give to ***** how much money you make and ultimately pay in. The main reason I dont want the gov't taking more of my money is because they are horrible at spending what they do take.
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