Linswritings

Buffett: Tax me? Maybe not!

Posted on: September 30, 2011

According to The Hill article, Warren Buffett said that Obama’s plan to tax the rich was not his “Buffett rule.” He also said, not so fast about taxing him. Buffett said he advocated a tax hike only on what he termed the “ultra-rich,” making a distinction between his suggestion and Obama’s proposal to raise taxes on millionaires. It isn’t [my idea] to have the rich pay more taxes. It’s to have the ultra-rich pay more,” he said on Bloomberg Television Friday.

Buffett explains that what he was talking about would probably apply to 50,000 people out of 310 million in the country. It would simply mean that if you made tens of millions of dollars, and your tax rate was 16 or 17 percent, you would start paying like the person who made $100,000 or $10 million who paid normal tax rates.

But he also called Obama’s bill a “stimulus plan” and added that he doubted he would agree with all of it. Obama has called for higher tax rates on millionaires as part of his proposed deficit-reduction plan. His proposed tax increase, called the “Buffett rule” in a nod to Buffett’s call for higher taxes on the wealthiest Americans, would apply to those earning annual incomes of $1 million or more.

However, Buffett estimated that raising the tax rate on ultra-rich multimillionaires would raise about $20 billion and go a long way to
solving the deficit issue.

But Buffett is not too keen on raising his taxes. What Buffett actually wrote was he would raise rates on “taxable income” for those making $1 million or more while those making $10 million or more should have “an additional increase in rate.”

From his op-ed: “For those making more than $1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.”

The key to Buffett’s plan is “taxable income,” and as we all know Buffett probably has a hundred accountants to make sure all of his money is not shown as “taxable income.” This is just another farce from progressives.

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1 Response to "Buffett: Tax me? Maybe not!"

You’re blogging has really come on when I look back over previous posts. Actually I arrived here from a forum on an unrelated topic. Worth surfing sometimes. Thanks.

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