senseinobaka on 20 October 2008
| theprof00 said: oh. well regardless of "taxable income" i think his point was that the richest 1% are making more than us and yet pay much less percentage than others. |
NO, his claim is a red herring. Those who earn higher incomes are taxed at a much higher rate and pay much more in taxes a year. What you just said is factually incorrect.
Warren Buffet is in a different circumstance and he intentionally used his circumstances to propagate misinformation on current tax code. There are very few people who are able to live off their assets like he does, and those who do live off their assets are generally retired and on a fixed income, which is why the capital gains tax is so low in the first place.
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