Obama wants to pass “Buffett Rule” for millionaires: Does that mean they don’t have to pay taxes like Buffett?

Warren Buffett has become the centerpiece of Barack Obama’s money grab to squeeze more out of job creators who already pay 70& of the tax bill.

However the gaping hole in Obama’s argument is that his poster boy hasn’t pay any taxes since 2002 and currently owes the country billions in taxes.


New York Times

President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials.

Mr. Obama, in a bit of political salesmanship, will call his proposal the “Buffett Rule,” in a reference to Warren E. Buffett, the billionaire investor who has complained repeatedly that the richest Americans generally pay a smaller share of their income in federal taxes than do middle-income workers, because investment gains are taxed at a lower rate than wages.

More here

But as previously reported on The Last Tradition:

This one’s truly, uh ... rich: Billionaire Warren Buffett says folks like him should have to pay more taxes -- but it turns out his firm, Berkshire Hathaway, hasn’t paid what it’s already owed for years.That’s right: As Americans for Limited Government President Bill Wilson notes, the company openly admits that it owes back taxes since as long ago as 2002.

Which Buffett rule are we supposed to follow?

Can't Obama do anything right?

Memeorandum


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