Posted on 11/10/2017 5:31:05 AM PST by C19fan
After the billionaire investor Warren Buffett exposed the unfairness of a federal tax code that assessed his secretary at a higher rate than him, it was hard to imagine a tax reform plan that would be even less fair.
House Republicans have come up with one.
That’s not because the plan indiscriminately favors the rich. It’s because to a degree unprecedented in American tax history, it favors the investor class, Mr. Buffett prominent among them, at the expense of people who work for a living, like his secretary.
(Excerpt) Read more at nytimes.com ...
Perhaps not, but this worthless drivel drones on and on without saying much and it leaves out the biggest tax loopholes for the wealthy in existence.
Trust funds and foreign shell companies.
I suspect the Sulzbergers won’t ever be addressing those in their fish wrap.
My cure for this is to charge normal tax rates for all capital gains but increase the cost basis by the inflation rate. That way these carried interest schemes will have zero cost basis and be hit with the full tax.
“Gains” due to inflation of long held assets should never be taxed.
“exposed the unfairness of a federal tax code that assessed his secretary at a higher rate than him, it was hard to imagine a tax reform plan that would be even less fair.”
Let’s see...without getting into the absolute effective tax rate....
28% x 1,000,000,000 = $280,000,000
35% x 200,000 = $70,000
Who is defining “fair” here?
And labor unions. Lots of so called charitable organizations are political and should pay taxes.
Buffet owes million & millions in back taxes. He has fought the IRS for years, and nothing seems to get resolved.
Would like to see what kind of deficit reduction we could achieve if he paid up & loans from other countries could get paid back.
His ‘secretary’ only gets to pay more because SHE IS ACTUALLY PAYING HER INCOME TAXES....Buffet is NOT doing so.
Buffet owes million & millions in back taxes. He has fought the IRS for years, and nothing seems to get resolved.
Would like to see what kind of deficit reduction we could achieve if he paid up & loans from other countries could get paid back.
His ‘secretary’ only gets to pay more because SHE IS ACTUALLY PAYING HER INCOME TAXES....Buffet is NOT doing so.
Not quite the same. The investment is much more at risk than in the bank. Not all stock is sold at a gain. Stock in a company is the same as buying a piece of property.
Uncle sugar has his hand out when you make money and slow walks deductions for losses and they can only be used against capital gains for stocks held the same period.
Short term gains are taxed as regular income. Would that make you happy?
Put your money at risk in companies and let me see how that works out and how you feel when your risk is taxed as regular income.
I predict that when Buffett dies, all the dirt on him will come to light, and he will be exposed as a charlatan on par with Armand Hammer.
When you buy a Corp bond you are at risk too and the interest is ordinary tax rate
Still not quite the same. Bond holders stand in front of share holders if there is a failure I believe.
In a chap seven or eleven that is correct. Regardless they will not get 100%
My point is unless you started the business or bought stock in a secondary your investment provides no new capital and for the tax code to consider it as business capital formation is a perversion of the term.
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