Monday, October 29, 2007
Warren Buffet and taxes
I watched NBC Nightly News tonight and they had a story about Warren Buffet's tax beliefs. He feels that he should pay more taxes than he currently does, even though he has no tax shelters and said "I pay exactly what congress tells me too." Anyway, I've always been a fan of Buffet since he's a self made billionaire who has always been considered by most to be an honest investor who never takes advantage of people. Anyway, you should read this article, it's pretty interesting. From the initial thought, I agree that people who make less shouldn't pay a higher percentage than multimillionaires. Oh well, quick, thought. By the way, he offered $1 million dollars to anyone in the top 400 richest in the U.S. who can prove that their secretary pays a smaller percentage in taxes than they do. Gotta like Warren Buffet.
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Buffett is a voice of reason amongst the ultra rich. Unfortunately, he has been making these remarks for years and nothing has been done about the minimal tax burden on the rich. He once gave a statement that he could structure his pay such that he wouldn't pay a single dollar of income tax the rest of his life. Buffett could make this happen legitimately, as could many other business owners. However, many small business owners, who these tax laws are said to aid, don't report all of their earnings, and aren't paying their share of the load. It is difficult to avoid taxes when they come out of your paycheck automatically, when it is dividends that you are responsible for reporting, or cash from transactions, it's a different story.
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