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Yes, exactly. Rich people increase their wealth primarily through unrealized capital gains. It's very safe for Warren Buffet to proclaim he wants tax rates in
by readams 10y ago
Yes, exactly. Rich people increase their wealth primarily through unrealized capital gains. It's very safe for Warren Buffet to proclaim he wants tax rates increased because this barely affects him at all.
- tormeh 10y agoI think Warren Buffet actually was talking about capital gains tax. Warren Buffet is old, famous and rich. He's basically won the material game. He doesn't care about taxes, I would guess.
- maxerickson 10y agoIndeed, he's generally talking about the basket of federal taxes when he makes those comparisons: http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-...
- loeg 10y agoBuffet realizes millions of dollars in income each year and gives much of it to charity. He gives billions more to charity not in the form of income.[0] > “My 2015 return shows adjusted gross income of $11,563,931,” he revealed. “My deductions totaled $5,477,694.” About two-thirds of those represented charitable contributions, he said. Most of the rest were related to Mr. Buffett’s state income tax payments. > As it turns out, the charitable contributions that Mr. Buffett did deduct from his income make up just a tiny portion of the more than $2.85 billion he donated to charity last year, he said. [0]: http://www.nytimes.com/2016/10/11/business/buffett-calls-trumps-bluff-and-releases-his-tax-return.html http://www.nytimes.com/2016/10/11/business/buffett-calls-tru...
- peller 10y agoHe is also, along with Bill Gates, a founder of the Giving Pledge, "a campaign to encourage the wealthy people of the world to contribute their wealth to philanthropic causes."[0] [0] https://en.wikipedia.org/wiki/The_Giving_Pledge https://en.wikipedia.org/wiki/The_Giving_Pledge