Tuesday, September 20, 2011

My Own Buffett Rule

No, it's not skip the station without the sneeze guard.

No, my Buffett rule would be to eliminate double taxation of income for business owners.  Or, in the interest of fairness, let's double tax wages too.  Wages are personal profits, then, when you distribute that income (i.e. deposit the check) it gets taxed again as income!  That's essentially how it works for business owners, large and small.  Corporate revenues are taxed, then distributions from the corporation to the owners are taxed again.

I've always admired Mr. Buffett's business acumen, but I've lost a LOT of respect for his honesty in light of his entry into this debate.  He claims to pay a lower percentage of tax on income than his secretary a fact that is only true if you compare his investment income from dividends or capital gains to her income from wages.  Apples to Oranges comparisons from someone who should know better strike me as dishonest.  Additionally Mr. Buffett has demanded that he be charged a higher tax.  Again, completely dishonest.  He is not demanding that he pay more, he's demanding that others who do not feel the same way pay more.  Should he wish to pay more, he knows damn well that his money will be accepted by the Treasury Department.

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