"Lobbyists for a day, a band of millionaires stormed Capitol Hill on Wednesday to
urge Congress to tax them more." (By LAURIE KELLMAN | Associated Press – Wed,
Nov 16, 2011)
As many have already said...NOTHING IS STOPPING THEM FROM DONATING THEIR MONEY to the United States government if they wish so why would they push so hard for a tax increase? Could it be that as millionaires they are aware of the fact that they can decide how they would like to have their compensation set up? Could it be that they will shelter their income in tax free havens and live off other forms of compensation?
It was reported that Warren Buffett paid less in Income taxes than his personal secretary. That is true probably most all of is secretary's compensation is reportable as Income to the IRS, whereas almost all of Buffett's compensation came in the form of capital gains therefore are not reported as Income, thus Buffett's secretary pays more in Income Taxes.
The real problem is that most Americans are so economically illiterate that they believed that Buffett actually paid less total taxes than his secretary. It is a sad comentary on our educational system.
It is my honest belief that these "patriotic millionaires" know that any taxe increase on them will not affect their bottom line or they would not be asking for more taxes put on them but would simply write a Check to the good ole' USA. Once again I smell falsehood.
urge Congress to tax them more." (By LAURIE KELLMAN | Associated Press – Wed,
Nov 16, 2011)
As many have already said...NOTHING IS STOPPING THEM FROM DONATING THEIR MONEY to the United States government if they wish so why would they push so hard for a tax increase? Could it be that as millionaires they are aware of the fact that they can decide how they would like to have their compensation set up? Could it be that they will shelter their income in tax free havens and live off other forms of compensation?
It was reported that Warren Buffett paid less in Income taxes than his personal secretary. That is true probably most all of is secretary's compensation is reportable as Income to the IRS, whereas almost all of Buffett's compensation came in the form of capital gains therefore are not reported as Income, thus Buffett's secretary pays more in Income Taxes.
The real problem is that most Americans are so economically illiterate that they believed that Buffett actually paid less total taxes than his secretary. It is a sad comentary on our educational system.
It is my honest belief that these "patriotic millionaires" know that any taxe increase on them will not affect their bottom line or they would not be asking for more taxes put on them but would simply write a Check to the good ole' USA. Once again I smell falsehood.
RSS Feed