I’ve always admired Warren Buffet – he built an investment empire and became the third richest man in America from a paper route -but I believe he’s fallen off the deep end of liberal guilt. Speaking at a fund raiser for one of those Clintons – who knows which one – Buffet tried to attack the Bush tax cuts by lying;
Â Mr Buffett said that he was taxed at 17.7 per cent on the $46 million he made last year, without trying to avoid paying higher taxes, while his secretary, who earned $60,000, was taxed at 30 per cent.
First of all, Buffet probably (and I say probably because I don’t have access to his tax return) is counting the increase in his net worth by the increase in the value ofÂ the stock he owns – that’s not taxed until he cashes the stock out. A better explanation of Buffet’s low income tax rate at Greg Mankiw’s Blog – an economist who understands wealth and taxation better than I do, apparently.
Buffet’sÂ secretary, if she made $60k was taxed at 25% – that’s the marginal tax rate for a single person earning $60,000 – however, just by claiming herself as an exemption, she’d drive that down to 15.39%.Â If she contributed to a retirement plan it’d go down even more.Â The only way she’d be taxed at a 30% marginal tax rate is if her income was over $160,000 as a single filer, or $270,000 married filing jointly.
Buffet went on to say even more stupid stuff;
Mr Buffett said that a Republican proposal to eliminate elements of inheritance tax, which raises about $30 billion a year from the assets of about 12,000 rich families, would broaden the disparity between rich and poor. He added that the Republicans would seek to recover lost revenue by increasing taxes for the less prosperous.
He said: â€œYou could take that $30 billion and give $1,000 to 30 million poor families. Or should you favour the 12,000 estates and make 30 million families pay an extra $1,000?â€
Hey, Warren, I know that you’ve got yours, I appreciate that you built your fortune with hard work and perserverance, how about letting the rest of us get ours now. How about we let those 12,000 estates keep that $30 billion and use it to hire people and instead of giving them a one time wad of $1000, we let them earn $1000/month for the rest of their lives. How about that?
If he feels so guilty about his billions, he can just give it all away – but engaging in class envy and class warfareÂ just makes him look like one of the stupidest men in America. Maybe he thinks whichever Clinton he was campaigning for would give him a fat, wet kiss. And, if the media would get off their lazy asses and do a minute’s worth of research on everything these bozos say, I wouldn’t have to do it for them.