Last week we heard from the Oracle of Omaha how thankful he was over the taxpayer bailing him out with TARP. As he said, because of TARP he’ll be celebrating Thanksgiving at his daughter’s house with a big turkey instead of McDonalds.
Yesterday, you have a Juliann Neher column in which she quotes Buffet’s statement that the rich should be paying more in taxes. I find this very odd given Mr. Buffet’s own profile.
Why do I find this odd? To understand, let’s look at the income levels that would be subject to the tax increases. As Juliann quote’s in her article, the liberals and many others would raise taxes only on the “rich” often quoted as those making more $250,000 per year if married or $200,000 if single.
We know that Buffet is a billionaire. How much would his tax rate increase? The answer might astonish you. But, that would be an increase of 0%. How can that be? Well, Mr. Buffett’s income from Berkshire is $175,000 per year. That’s right, $175,000 per year. Don’t believe me?
Well, look at page 7 of Berkshire’s Proxy Statement. The proxy shows Mr. Buffet’s income for the last 3 years which has been the same. Also, as is widely reported, Mr. Buffet is a big investor in municipal bonds. That would be tax-exempt municipal bonds. So, his interest income isn’t taxed, his income level would not reach the level of rich and he wants me to pay more in taxes.
Buffet is wealthy because he legally evades taxes. He invests in tax-exempt bonds and keeps his wealth in the form of untaxed capital gains.
Why don’t we let those that want a large federal government support it. Let’s see Buffet give the bulk of his fortune to the imperial federal government he supports and leave the rest of us alone.
After all, we all want to be rich like him.