“Buffett’s argument is that it’s unfair that a rich businessman with $1 million in capital gains would pay a 15 percent federal tax on those gains while a secretary earning $50,000 a year would be in the 25 percent income tax bracket.”
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What is “unfair” about it?
What has one’s income or accumulated wealth got to do with one’s “share” of supporting the government?
Do the “rich” use more government?
Life insurance is the best estate tax shelter available. Set up an Irrevocable Trust. Have that Trust buy an insurance policy on your life, fund that policy by taking an immediate annuity with no refund at death, from your pension or 401K.
No Estate Tax at death.
No income tax on the death benefit.
Life insurance, if used properly, can also be a GREAT income tax shelter, while you are alive.
Buffett is in the Life Insurance Business.
Buffett is in the TAX SHELTER Business.
Buffett will make money if tax rates go up.
No matter what facts you present to any ‘Progressive’, they are completely ignored. The response is constantly, ‘The rich must pay their fair share.’
Is there someone out there that will can do the simple math? The government, no matter what the effective tax rate is, never, ever loses revenue.
When marginal tax rates were lowered, there is ALWAYS an offset with a decrease in exemptions/deductions or other entities create ‘fees’!
Raising taxes is never a static operation!