Log in

No account? Create an account
entries friends calendar profile Previous Previous Next Next
This article for the Washington Post is a sterling example of why I… - don't let the bastards grind you down.
This article for the Washington Post is a sterling example of why I love Warren Buffet, the number 2 richest guy in the world. It speaks out AGAINST eliminating dividend taxes, and it does it well.

To wit...elminate dividend taxes, and more corporations will theoretically pay dividends. You're diverting money from corporations, who hire and employ people, to individuals, who don't...they just buy things. Rich people, who will see their relative tax rate drop significantly, won't buy as much with their money as if it was spread out among thousands of families instead...and when they do buy things, it'll be expensive things from other rich people, thereby keeping the money in the hands of the rich.

Also, if his company decides to give out, say, 1 billion in dividends, Warren's tax rate will drop from about 30% (just like you and me, when you combine federal taxes, social security, FICA, etc.) to about 3%, because those dividends won't be taxed. He'll take home 310 million free and clear.

3 comments or Leave a comment
qed From: qed Date: May 20th, 2003 10:05 am (UTC) (Link)
I think it's amusing that the standard argument in favor of eliminating taxes on dividends is that the money is somehow "double taxed", because the corporation pays tax on its income and the individual pays taxes on the dividends. Which means I shouldn't have to pay sales tax, since my income is taxed when I receive it and taxed again when I spend it.
christy_p From: christy_p Date: May 20th, 2003 03:12 pm (UTC) (Link)
so, i'm confused...he wants his tax rate to lower or not?? i guess i should read the article.
swolfe From: swolfe Date: May 20th, 2003 03:15 pm (UTC) (Link)
he doesn't care much one way or the other since he has more money than he could spend already.
3 comments or Leave a comment