Quote:
Originally Posted by seattleflamer
Just to show how lopsided tax policy is to the supply side, Warren buffett, the seond richest man in the US pays less in tax as a percentage of income than his secretary.
He even offered a reward to their favorite charity to any member of Forbes 400 if they could show that they paid more tax a percentage of their income than the people who worked for them.
http://www.youtube.com/watch?v=Cu5B-2LoC4s
I just don't understand how the Republican party stays relevant frankly. |
When last did the Republicans hold power in all three branches of government? It was Obama who recieved the lions share of fortune 500 money in the last election: Not a Republican. Warren Buffett like most of the super rich stuffs most of their income into charities and foundations which they control. I believe Buffett has joined up with Bill Gates in this. It gives them control over their money and the ability to pass the money on without losing half of it in estate taxes.
I'm for fixing that loop hole somehow but, I'd also like to see inheritance taxes eliminated. I don't thing our children should have to pay to recieve their inheritance.
Perhaps they should limit how much charities or foundations can hold as invested income. Although I guess that would hurt things like legacy grants.
Humm.. maybe this fixing loop holes thing is harder then it looks.