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Warren Buffet May Owe A Billion Dollars In Back Taxes
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  1. Great Read, I still remember Barney Frank telling people in 2005 that nothing was wrong with Fannie Mae or Freddie Mac, he said they were paranoid, lets put a lot of the blame where it belongs and QUIT taking up for Corrupt Government!
    Melanie Sturm: Think Again | AspenTimes.com
  2. All 100% true. That article stank of intellectual dishonesty. Very similar to Buffet in that regard.
  3. Here is another article on Buffett, a good read.
    Warren Buffett made $62,855,038 last year - Oct. 12, 2011
    Quote
    "By sheltering millions of dollars of income from taxation through charitable giving, Mr. Buffett demonstrates that he doesn't trust Washington with his own money either," Huelskamp told CNNMoney.

    Huelskamp originally asked Buffett to release his federal tax return because "it is my firm belief that if your name is lent to a national policy and your story the justification for a major overhaul of the tax code, then the American people have a right to see the evidence guiding that policy."

    The rule would ensure that people making more than $1 million pay a higher percentage of their income in federal income and payroll taxes than those who make less.

    That would be a lot less straightforward than it sounds, however.

    And just in terms of averages, the current tax system already satisfies the Buffett Rule. Americans on average pay 16% of their total income in federal income and payroll taxes, while millionaires pay an average of 20.1%, according to the Tax Policy Center.
  4. How is Buffet being dishonest?
  5. So what do you make of this?

    The story says Buffet makes $62 million a year, but because of policies promoted by Republicans, only $39 million is taxable and most of that at the low 15% rate for investors, not the 35% owed by people who make a living through salaries and small business profits. As a result he pays only 17% of his income in taxes, which is less than what I pay.

    So you are objecting that he won't release the details behind these figures that he has given from his own tax return? Why?

    So you are suggesting that he is "sheltering millions of dollars of income" when what he has done is donate millions to charities and earned the same tax breaks that anyone else earns for donating to charity? Why is that dishonest? Every taxpayer in the country does the same thing.

    This article isn't an indictment of Buffet, it is an indictment of tax breaks that benefit mostly the wealthy.
  6. Buffet is dishonest because he tries to make us think his secretary pays proportionately more than he does.
  7. It's the truth, Buffet knows the numbers. You don't.
  8. In his famous secretary example he uses the secretaries marginal tax rate and compares it to his effective tax rate to point out that she pays a higher percentage of income.
  9. How do you know this?
  10. A scientist told me.
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