Tax Update Blog: Permalink
« Previous · Tax Update Blog Home · Next »
What Warren Buffett is missing
November 13, 2009
Warren Buffett likes to say that his secretary pays taxes at a higher rate than he does. As Peter Pappas explains, Warren is missing a big hidden tax -- the 35% corporate tax paid on corporation income before it is passed out to Warren as dividends.
Bookmark: del.icio.us • Digg • reddit
TrackBack
TrackBack URL for this entry:
http://www.rothcpa.com/mt/contages.cgi/1232
Tax Updates
Subscribe to Tax Updates
The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not neccesarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to
Search Tax Updates
Friends and Neighbors
Economics Nerds
Hard-Core Tax Nerds
Gigablogs
Insurance Folk
Goners
Legislation
Tax Update Data Feeds
Comments
You really think Buffett misses that?
Now, my understanding is anti corporate tax folk generally claim corporate taxes are, in fact, paid by consumers.
Complicated stuff!
Oh, and as far as missing taxes, it seems a lot of good folk also miss "payroll" taxes when talking about "income" taxes, though payroll taxes are obviously based on income and social security goes right into the general fund, and those same good folk claim the social security trust fund is worthless. (What a freakish sight to see the President describe its Treasuries as worthless.)
And, rather than talking about plain tax rates, I would like to see people discuss tax on disposable income, with the assumption it takes say $20,000 per year for a person to survive.
Nope, I think most of these good folk miss nothing, it is intentional.
It would be so, so nice if these discussions could be had with full intellectual honesty and biases fully understood.
Posted by: Erich Riesenberg | November 13, 2009 8:25 AM