The administration has swung into full on election mode. The talking points today revolve around the “Buffett Rule“. This tax rule would tax the wealthiest Americans at 30% on the income over $1.0 million. I don’t see though where the rule takes into account rates on dividend income, capital gains, and charitable deductions. These are all part of policy designed to encourage saving, capital formation, and social good. The CNBC video below discusses how Warren Buffett has minimized taxes throughout his career. He is also currently involved in a tax dispute with the IRS over millions of dollars in back taxes owed by one of his companies. He should pay his own taxes before lecturing the rest of us.
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Well put–Those who live in glass houses…