Warren Buffett has released his annual encyclical on the need to raise taxes for the wealthy, from theNew York Times, the de facto cathedral of the Church of Enlightened Envy. As usual the arguments make no sense, and conservatives have issued the usual challenges: Capital gains taxes are a second layer of taxation, so it’s irrational to compare that only to a middle class person’s total tax rate; capital gains tax rates are lower because capital is at risk from speculative losses, unlike wage and salary income; capital gains rates are lower because most capital gains are long term,...
Gentle Readers, Dear John, Bullseye! You hit it dead center! Would you like, - a Kewpie Doll, or - a Cigar? Mr. Buffet has organized his financial life, his income & assets, in such as way, as to avoid all of the tax increases he proposes other people should pay. It's very simple: OPM, Other Peoples Money. Other people should pay taxes, and his firms are organized so that he always earns money even if some investors lose theirs! ( and he avoids taxes on his earnings ) Sincerely, John Lepant Brighton CO ps: Would this be a ' Dear John ' letter? ;)
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