A flat 10 percent tax..no deductions..none...and the economy will explode!
The GOP couldn’t organize a piss up in a pub but this is not a loophole. It is just the tax program of the past with the increase in cap gains from 15% to 20%.
Unless all gains from wages and investment are taxed at the very same rate it is all loopholes and larceny by the feral gubment.
The tax code has more angles than a shattered piece of glass but will cut you much worse.
Buffet probably takes 1 dollar a year as salary and the rest goes into stocks. I am not sure why Republicans didn’t yell this loud and clear. I think Republicans are the dumbest when fighting back on exaggerations and outright lies. Sure Buffet told the truth that his secretary paid more in taxes but he failed to mention why and Republicans let the message get told and it stuck. Ask a random person on the street about this and they will say, “it is outrageous that Buffet pays less then his secretary” because they don’t have the full story. So frustrating.
You want to raise revenue? Eliminate the tax exemption of “non profit” investment income. Tax the Clinton Foundation, the Rockefeller Foundation, the Ford Foundation, etc.
Buffett is a shill for the crooks in government. A good part of his fortune is due to sheltering his company’s capital gains in insurance companies.
Let me see, I take an already taxed dollar and I risk it as an investment. My investment makes for liquid markets, diversified capitalization that reduces the power (somewhat) of the oligarch class, thus benefitting the national economy. If I do this as an INVESTOR, holding the money for a year+1 day, then I get a beneficial tax rate as opposed to paying normal rates on dividends and interest.
This upsets the LEFTists at the NYTimes because they regard anything to the right of Socialism as unfair treatment. I say that, barring a uniform flat tax, what other economic system has done better at building the middle class as a bulwark of economic strength over the past century?
More on Buffett and how he avoids taxes:
http://www.barrons.com/articles/warren-buffetts-nifty-tax-loophole-1428726092
It’s interesting these Buffet-type people never complain about the HUGE tax loophole of the foundations they start.
Like the Clinton Foundation, all they have to do is give away five percent of their income each year. What they do is give it away to some other foundation.
For some, it’s the biggest scam out there.
But these so-called rich people are completely silent on that score.
It’s unfair to take a $million less from a rich person unless the government also takes a $million less from the “women’s studies” graduate working at starbucks. /sarc
I’m all for discussing this “loophole” (and others). Lots of people can make good points on both sides. But anyone who wants to discuss it, does not start off with a few paragraphs about a rich man and his secretary. That’s an admission that the loophole isn’t the issue and you just want to engage in class warfare. And they tell us in those paragraphs that rich men don’t “work for a living” in case we didn’t understand the goal of the article from the secretary example.
Any INCOME tax code that does anything except tax your INCOME (above the poverty level) at a fixed rate for everyone with no deductions, exclusions, credits etc is unfair and made to insure the Government wins and the taxpayer loses. If it takes more then one sheet of paper to file your income tax then you are being screwed
What “tax loop hole”??
There are ZERO deductions for the rich that others don’t get. None. In fact, after about $109,income 000 there are very few tax deductions; no student loan deductions, for instance.
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.
“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?
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.