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Old May 14, 2012 | 11:29 am
  #2177  
andymo99
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Join Date: Aug 2001
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Originally Posted by allergictocoach
I don't know if you have to digress and as a non billionaire I'm not super inclined to sweat this (non) issue that the President is using to pander to the poor. The "weakness" in the Buffett point is where he fails to point out that he pays a 15% tax rate on investment income....much of which has already been taxed once. He pays the appropriate rate for any wages just as anyone else (including his assistant) does. He and a lot of rich guys like Mitt Romney just don't have a lot of wage income these days so yes, their effective tax rate is often lower than straight wage earners. This is an important point which the President is obviously counting on the masses not understanding when he cries for the rich to pay more taxes. It was nice that you saw Adam ? on the plane.....never heard of the guy actually.
As as a former private equity professional, I'm well aware of how capital gains tax works. I just think Buffett and Obama are closer to the right answer than is Adam Baldwin.
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