Warren Buffett isn’t as under-taxed as he or President Obama claims
“It’s hard to argue against that. Warren Buffett’s secretary shouldn’t pay a higher tax rate than Warren Buffett. There is no justification for it,’’ Obama said.
Buffett actually was taxed twice on his investment income. First, Buffett had to make the money he invested. Those earnings were taxed as corporate income, at about a 35-percent rate. Then, Uncle Sam took another cut when Buffett invested the money and earned a profit. That’s when Buffett paid the 15 percent capital-gains tax rate.
All told, after combining corporate taxes and capital gains taxes, Buffett forked over about 45 percent of his earnings.”
See how disengenuous Obama’s argument is?