Quote:
Originally Posted by RACER X
Two key reasons he only paid 17.4%, however, is because a lot of his income came from investments, which are taxed at a lower rate than wages, and because payroll taxes are assessed only on wage income.
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They're called capital gains taxes which I recall Obama wanting to lower. Though he said for small businesses which is bullshit becuase most small businesses get a 10-99 which is an income tax (and sucks paying). I thought Democrats where the party for the working man. Guess they are for Billionares.
Anyways I can't take much of what Buffett says seriously (unless there is a Jimmy in front of it) becuase he spent his entire life becoming super rich by fucking the tax system/payers and his current companies are fighting and using the tax system to become richer. Why in his 80s did he start giving a fuck? Oh, yeah, he made all the money he'll ever need.
THere is no max to what the IRS will take. You can write a check out to the Department of the Treasury (that's who I make a check out to every month) and they'll gladly accept it. Or write it to me, I'll accept it too.
Regardless this is why we need a consumption tax and not this bullshit income tax. Mainly becuase it is not the government's business when it comes to my money and how much/little I have.