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Warren Buffett is in a similar boat and has complained vocally about it. The US tax system is absurd when it comes to the upper echelon. [Edit: I mean, he's co
by christophilus 6y ago
Warren Buffett is in a similar boat and has complained vocally about it. The US tax system is absurd when it comes to the upper echelon.
[Edit: I mean, he's complained that it's unjust and that billionaires like him should be paying their fair share.]
- rrss 6y agoWarren Buffett is in an entirely dissimilar boat, because Warren Buffett does not have enormous losses to carry forward, and therefore actually pays significant personal income tax ($1.8 million on personal income of $11.5 million in 2015). https://www.businesswire.com/news/home/20161010005859/en/Tax-Facts-Donald-Trump https://www.businesswire.com/news/home/20161010005859/en/Tax...
- christophilus 6y agoI meant that he pays well below what you or I pay. He's in a lower tax bracket than his secretary. $1.8M on $11.5M is what? Something in the ballpark of 15%? He should be in the highest tax bracket. That's my point. The tax laws favor the wealthy, and they shouldn't.
- pwinnski 6y agoThat's a completely unrelated and distracting issue. Trump paid $750 total, which is not 15% of anything. He could have easily paid $0, as he did before becoming POTUS. His team picked a tiny number above zero starting in 2016 when he was elected. This is completely and totally unrelated to the capital gains tax rate.
- christophilus 6y agoIt's not unrelated. My point is that the wealthy have a whole lot of loopholes when it comes to taxes, and we ought to address that. Almost certainly, Trump used these loopholes to minimize his taxes. I assume in his case, he had a lot of losses that he was able to use to bring his over all income down well below what you or I report in a given year. Unless Trump did something illegal (entirely possible), my point is related and not distracting.