Reader comment on: The Buffett Tax Gambit
Submitted by Anonymous (United States), Sep 23, 2011 18:01
Have you ever seen "drinking with bob"? This would make a fabulous drinking with bob……
So Buffett is advocating millionaires pay more taxes and he is backing Obama. Lets think about some facts.
Buffett has $50 billion of capital gains that are unrealized and untaxed. All of that goes to Bill Gates Foundation when he dies. Bill Gates foundation is funneling almost none of its grants to the US – nearly all the money going international. Thus, Buffett ends up not paying taxes and not giving much if anything back to the country that enabled his wealth because when he gives the stock away, the gains avoid the cap gain and estate tax.
Meantime, he supports Obama. If Obama wins, he will have a line into the White House for favors – maybe he wants to raise rail rates, raise utility prices, who knows, but you can bet he will have some sway over the President and get favors. If Obama loses, policies more favorable to him will be implemented without him needing to call the While House. This puts Berkshire in an EXTREMELY favorable position. We will never really know what if any favors occurred – it will be like the mysterious arbitration results of John Guttfreund.
So, the question is, does he REALLY think taxing millionaires is the "right" thing to do? Or is he just acting in the interest of Berkshire?
In the meantime, supporting Obama may not be in the interests of the country, and doing so will certainly make it harder for current non-millionaires to become millionaires…..
Are you freaking kidding me?? What's next? What's next?
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