Warren Buffet’s claim in an op-ed in The NY Times that he pays less tax percentage-wise than his secretaries proves the dishonesty of the left which runs from the very top to the very bottom.
William A. Jacobson of Legal Insurrection has done a great piece exposing his lies.
Warren Buffett bemoaned the fact that he and other super-wealthy investors pay a lower percentage of their income in taxes than their secretaries and other lower-paid staff members. This is an argument frequently heard from Democrats.
But in making that argument Buffett misleadingly lumps federal income taxes in with that he calls “payroll taxes.” Payroll taxes are known as FICA (the Federal Income Contributions Act), and it is the percentage employees and employers pay on wages with a limit to fund social security and Medicare.
As I have posted before, FICA is not a tax in the way other income taxes are taxes; FICA is supposed to be a pay-in to the mythical social security “lock box” which will provide funding for social security payments. The reason there is a cap on the amount of wages subject to FICA is that there also is a cap on social security benefits (by contrast, there is no cap on the smaller portion of FICA used to fund Medicare).
You can read the rest here.
Buffet ended his op-ed with a suggestion to increase taxes on anyone making over a million dollars a year, with an additional hike for those making over ten million dollars a year.
How nice of him to throw into one lump those making one million a year with himself, who makes close to a million a week! Remember that many of those making one million are small businesses which file as individuals. Instead of helping small businesses expand and add jobs, Buffet proposes raising their taxes which is akin to shutting them down.
Here’s a better solution to Buffet’s complaints of being “coddled”, “spared”, and excluded from those who are forced to “share sacrifices.”
What law prohibits you -- Warren Buffet, your friend Bill Gates, or anyone else from donating, say, a coupla million or even tens of million dollars to the U.S. Treasury to help pay off a miniscule percent of our debt? You’re whining that you’ve got to much money and don’t mind parting with it. Go ahead. We’re waiting.
One may wonder why someone like Warren Buffet or Bill Gates should wish to pay more taxes.
Is it possible that Buffet’s intentions are slightly colored and not as pure as he pretends to be?
Raising taxes on all millionaires equally will be equal to a death blow to many of the small guys, while just an annoying splinter for the big guys like Buffet. Essentially, it will ensure that no one will be able to threaten the security of the companies and standings of the Buffet guys, creating a socialist state where the rich remain rich with the rest of the nation forbidden of leaving their economical bracket.
Entitlements have already ensured that the poor will remain poor; stifling businesses and the middle class will ensure they never rise to the top but either remain stagnant or sink.