Forbes Thanks a lot, Warren!
"It’s said that tomorrow President Obama will suggest a “Buffett Tax”. A provision in the tax code that makes sure that billionaires like Warren Buffett don’t end up paying lower average tax rates then their secretaries."
Warren Buffett’s Tax Hypocrisy "But if he were truly sincere, perhaps he might simply try paying the taxes the IRS says his company owes? According to Berkshire Hathaway’s own annual report — see Note 15 on pp. 54-56 — the company has been in a years-long dispute over its federal tax bills."
Factbox: What's on Obama's tax list, besides "Buffett tax"? "President Barack Obama is expected to make a raft of recommendations for changing tax law on Monday, in addition to his new proposed tax on the rich -- known as the "Buffett tax" after billionaire Warren Buffett -- which was disclosed on Saturday."
Millionaires and billionaires pay a higher share of their income in taxes than the middle class.. "The reason for the light capital gains and dividend tax is that corporations pay up to a 35% tax on their profits before a dime of it is passed on to shareholders. The real tax rate on corporate income paid to individuals through capital gains and dividends is not 15%. It is closer to 45% once you count the tax on corporate profits. If the dividend tax rises to 20% next year from 15% today, then the total tax on dividends paid to shareholders would be closer to 50%, and that doesn't include state and local taxes."
"It’s said that tomorrow President Obama will suggest a “Buffett Tax”. A provision in the tax code that makes sure that billionaires like Warren Buffett don’t end up paying lower average tax rates then their secretaries."
...."The standard economics of taxation says that you desire lower taxation of the returns to capital precisely because you’d like people to be investing capital."“President Barack Obama, in a populist gesture designed to appeal to voters, will propose a “Buffett Tax” on people making more than $1 million a year as part of his deficit recommendations to Congress on Monday.
Thanks, Warren!
Warren Buffett’s Tax Hypocrisy "But if he were truly sincere, perhaps he might simply try paying the taxes the IRS says his company owes? According to Berkshire Hathaway’s own annual report — see Note 15 on pp. 54-56 — the company has been in a years-long dispute over its federal tax bills."
Factbox: What's on Obama's tax list, besides "Buffett tax"? "President Barack Obama is expected to make a raft of recommendations for changing tax law on Monday, in addition to his new proposed tax on the rich -- known as the "Buffett tax" after billionaire Warren Buffett -- which was disclosed on Saturday."
Millionaires and billionaires pay a higher share of their income in taxes than the middle class.. "The reason for the light capital gains and dividend tax is that corporations pay up to a 35% tax on their profits before a dime of it is passed on to shareholders. The real tax rate on corporate income paid to individuals through capital gains and dividends is not 15%. It is closer to 45% once you count the tax on corporate profits. If the dividend tax rises to 20% next year from 15% today, then the total tax on dividends paid to shareholders would be closer to 50%, and that doesn't include state and local taxes."
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