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Name:
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MartiniMan
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Subject:
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Why Warren Buffett is scamming America
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Date:
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8/17/2011 1:21:55 PM
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For some reason the Bard from Omaha is the government media's favorite billionaire because he is constantly telling us he doesn't pay enough taxes. Saw a great deconstruction of his tax scam that proves he is a complete hypocrite.
First, he often claims his tax rate is around 17%. Well duh! Most of his earnings are from long term capital gains which is taxed at 15%. But what he fails to mention is that before his dividends get to him his corporations have already paid 35% to the government. So in reality his tax rate is over 45% and not 17%.
Second, he continues to claim that he wants people that make over $1M to pay more. That is not what the Messiah is proposing and for good reason. If you took every single penny of income from those that make more than $1M it would't even pay off the annual deficit we are currently running let alone the trillions to come. More to the point, those that make more than $1M account for $178B in tax revenue. Those over $200K accounts for $434B in tax revenue. Interestingly, those over $10M only accounts for $54B in tax revenue. Point is that those that make over $1M can't even get close to filling the gap under the current spending.
FInally, despite the fact that no one is going to prevent him from paying more in taxes he has certainly gone to tremendous lengths to avoid taxes using the charity loophole. WHen asked about this apparent dichotomy, here is the money quote from Buffett himself, "Well, that's a choice and it's an option . . . If I had to give it to a single individual, or make some young Buffett a multibillionaire, or give it to the government, I'd absolutely give it to the government. I think that on balance the Gates Foundation, my daughter's foundation, my two sons' foundations will do a better job with lower administrative costs and better selection of beneficiaries than the government." Uh huh......lower administrative costs.....that's the understatement of the century! Regardless, when given the choice of giving his billions to the government or avoiding those taxes he chose to loophole away.
What a scamming hypocrite.......shut up and invest!
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