Thursday, August 11, 2016

ICYMI: Warren Buffett Is Trying To Fool Us Again On Tax Rates

By Real Clear Markets., Dec 29, 2015

Warren Buffett's latest pronouncement on federal tax rates, articulated in a recent campaign event for Hillary Clinton, brings to mind the old idiom: fool me once, shame on you; fool me twice, shame on me.

Buffett first fooled us in 2011, when he wrote an Op-Ed piece for the New York Times in which he made the claim that his 2010 federal tax rate of 17.4% was less than half the 36% rate paid by the rest of his office staff. This claim quickly gained traction in the political arena and became the basis of the "Buffett Rule", a tax policy mandating a minimum federal tax rate of 30% for any taxpayer with annual income over $1 million. Legislation based on the Buffett Rule was introduced in the U.S. Senate in 2012, but failed to gain passage. However, the idea lives on. Both Hillary Clinton and Bernie Sanders are campaigning on a promise to implement the "Buffett Rule" if elected president in 2016

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