While some conservative commentators, particularly Mark Levin, have been going bananas attacking other conservatives like Ann Coulter over RomneyCare, I choose to keep my eyes on our true enemy.
President Barack Obama, Warren Buffett and the media are currently conspiring to commit one of the biggest media frauds in the history of the United States.
“Is it fair “the rich” pay lower taxes than secretaries?” is the template Barack Obama is endeavoring to ride to his re-election. The basis of the question is extremely misleading given the fact the United States has a “progressive tax” that charges a higher rate of income tax the more money a person earns in salary.
Buffett deceit # 1
Warren Buffett doesn’t pay himself a salary for a very good reason. If he did, he would have to pay 35% in Fed taxes.
Buffett deceit # 2
Buffett earns his money through the selling of stocks that are taxed at 15% capital gains rate. Comparing personal income tax with capital gains taxes as if they were the same, is like saying the tax you pay for a can of soda and a pack of cigarettes are the same. They’re totally different rates.
Buffett deceit # 3
Buffett owns many companies like Dairy Queen and Geico Insurance that pay the highest cooperate tax rate in the world at 35%. So in actuality, Buffett is paying at least at least 50% (35% cooperate plus 15% cap gains). This is the reason Buffet doesn’t pay himself any salary to avoid paying personal income taxes.
Buffett deceit # 4
For all the talk President Obama is deceitfully spewing on the American people, his buddy Warren Buffett made a load of cash in the subprime mortgage fiasco because Buffett had controlling interests in Moody’s. Charles Gasparino has a piece in the New York Post, Saint Warren’s dark side
He writes:
“But other items really take the shine off St. Warren’s halo — like his insistence that the ratings agencies didn’t play a key role in setting up the 2008 financial meltdown.
In fact, the ratings biz was rife with conflicts of interest, since the agencies were paid by the same entities they were rating. Most people figure that’s why these “watchdogs” ignored major signs of trouble in the housing markets as they slapped all those Triple-A ratings on the toxic housing-related debt that was at the heart of the financial crisis.
But Buffett has publicly defended the rating agencies as bit players in the debacle, caught up in the mania much like nearly everyone else. His obvious motive: He held a major stake in rating agency Moody’s Investors Service, so Berkshire got a nice cut out of all those fees that Moody’s “earned” as it fueled the crisis.”
Buffett deceit # 5
Warren Buffett so far is getting away with possibly being involved in “Insider trading”
“The SEC interviewed Buffett last year over one of the most sordid corporate affairs I’ve seen in a long time: His longtime aide and one-time heir-apparent bought shares in a company called Lubrizol just before Buffett purchased the outfit.
The executive, David Sokol, made a hefty profit from the purchase, and even advised Buffett to buy the company in the first place.
Insider trading? I can’t say if it was outside the law. But the SEC is looking into the matter. (SEC and Sokol spokesmen declined to comment on the probe’s status; Buffett didn’t return repeated calls seeking comment.)
Yet I don’t recall any major media outfit bringing up the sordid affair while Buffett was lecturing the nation on tax fairness. Nor did any jump on Buffett’s bizarre initial reaction as Sokol was resigning from Berkshire last year: He defended Sokol’s actions — which, even if they weren’t illegal, still smack of the kind of corporate favoritism that Obama and the rest of the left continually denounce.”
Buffett deceit #6
For all of Buffett’s sanctimoniously complaining his secretary pays higher taxes than he does, (a flat out lie that I have shown above) he seems to have trouble paying taxes he owes-period.
From the Huffington Post: A little over two weeks ago, Berkshire Hathaway CEO Warren Buffett, the third-richest person in the world, penned an op-ed critical of the low tax rates for the superrich. It would seem his own company hasn't prioritized paying its rightful share in a timely fashion either.
Berkshire Hathaway, the eighth-largest public company in the world according to Forbes, openly admits to still owing taxes for years 2002 through 2004 and 2005 through 2009, according to the New York Post. The company says it expects to "resolve all adjustments proposed by the US Internal Revenue Service" within the next year.
I have a problem with people who lie and you should too.
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