On Monday, August 19, 2019 at 4:18:06 PM UTC-4, wrote:
On Mon, 19 Aug 2019 14:47:08 -0400, Ralph Mowery
wrote:

In article ,
says...

It is bad when the billionair said he paid less tax than his secetary.

I presume you're talking about Warren Buffett? He doesn't pay less tax
than his secretary. His tax rate is lower than hers because most of his
income is capital gains. He takes a salary of $100,000.




Yes, Buffett. It was the tax rate.

He must really have a good set of loopholes to get by with that.

Along the same line, I saw in the same artical that in 2009 that 51%
paid no taxes. Hard to believe that there are that many people on the
low end of the system and that a few rich find the loopholes.


Buffett lives a fairly simple lifestyle and with a salary of $100K
married filing joint, he is only paying around 10% taking the standard
deduction. He does get a lot of perks being the head of Berkshire
Hathaway so he might have trouble spending the hundred grand in
Omaha.

You think that's his only income? Like Cindy said, I expect he
has huge income from capital gains and the max rate of 20% is
what's helping him. Also, who knows if it's even true that he
pays at a lower rate than his secretary? Did they compare
actual returns or was it some comments in the coffee room?
It certainly could be true though.