Saturday, October 01, 2011

More on Buffett's BS

Nick Kasprak at the Tax Foundation has constructed a superb calculator to estimate maximum tax liability based on income and Social Security taxes.  He even includes the employer side of employment taxes.  It shows Buffett's claims to be totally bogus.   But then we already knew that.

The Calculator can be found by clicking on the word CALCULATOR.

If Mr. Buffett really feels he is under taxed he could always choose to send a voluntary payment to the feds.  A lot of his income, as others have shown, comes from special preferences in the tax code including capital gains and before it was reduced helping families to avoid the disastrous effects of estate taxes - but then he did not bother to explain how his taxes are well below what most people in his income bracket pay.  Why ruin a good yarn?

In an interview for Bloomberg Buffett argued that raising rates is better than simplifying the tax code.
It is odd that he would not consider the alternative of simplification.

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