Monday, November 22, 2010

Can you say disingenuous?

Warren Buffett Tells ABC Rich People Should Pay Higher Taxes


You will no doubt recall when he trotted out the same message a while ago he claimed he was paying a lower percentage in taxes then his secretary. Now this is not the natural state of the tax code. To do this he has tax accountants and tax lawyers do his return. Their purpose is to minimize his tax exposure. So, to the outside world he's this benevolent rich dude while in actuality he's squeezing the tax code for all it's worth.

Since he is famous for living frugally I also assume that his wealth is not in taxable income but in non taxable wealth assets. I wonder if he ever bothered to call out the rich politicians like J.F. Kerry for trying to save a buck by mooring his sailboat in a cheaper location?

The final question why should the government be enriched? They are the most non productive segment of society. They now basically transfer wealth from the entrepreneurial segment to the purely consumption segment.




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