The Buffet Rule and You

Today, the President hosted a Google hang out to discuss the Buffett Rule. You know, the fact that Warren Buffet doesn't pay income tax at the same rate as his secretary. And therefore, Buffett says he should be taxed more.

Well having prepared taxes for over 40 years, I can say that most people don't pay the same effective rate on their incomes as anyone else. That's not unusual. However, it should be pointed out that for the same income, deductions, and exemptions, each American pays the same nominal rate--15%, 28% or 35% depending on the amount taxable income. The President and Mr. Buffett each know that. Each American pays the same effect capital gain rate--15%. The President and Mr. Buffett each know that.

So what can we say about the dissembling that the President and Mr. Buffet. They are spinning a class war. What they have said is untrue. Put more bluntly, at best they are spinning this idea for political gain--at worst, they lied for financial gain..

Ask Mr. Buffett how much he personally gained in the bailout of Goldman Sachs. I'm sure he would not have invested heavily in Goldman Sachs unless he had inside information that the federal government was going to ride to the rescue with many millions of mine and your money.

Mr. Buffett, if he thinks he is under taxed, can donate any amount he want to the IRS. For me, I plan to pay the minimum income tax required under law.

How about you? You want to pay more than what the law requires? Or would you rather see the President changed in November? You want to keep an Administration that throws away you money on GSA parites?

Wow! Not me!

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