riddler78 saidHow convenient. The Buffett Tax won't affect Buffett.
Billionaire Berkshire Hathaway CEO Warren Buffett is once again thrilling the political class by volunteering other people to pay higher taxes. Long-time observers recall his opposition to former President George W. Bush's efforts to reduce the tax rate on dividends. Since Berkshire pays no dividends, Mr. Buffett had little at stake but enjoyed the opportunity to pose as if he were a rich guy eager to cough up more dough to Washington.
In the current debate, President Obama is pushing the "Buffett Rule" to ensure that high-income earners pay higher tax rates. But even if it's enacted, don't expect the Buffett Rule to have much impact on Mr. Buffett. By an amazing coincidence, the sage of Omaha is already positioned to shield most of his rising wealth from such a tax. ...
[T]he Buffett Rule ... at its heart is a way to raise taxes on dividends and capital gains. Berkshire still doesn't pay a dividend, and as for capital gains taxes, well, Mr. Buffett has already made clear that he'll largely avoid them by transferring his fortune to the Gates Foundation and to charitable trusts controlled by his family.
That's a very specious argument, particularly when it comes to the charitable aspect of it.
So you're ok with charitable deductions - that include vanity charities - at the expense of taxes? You can't possibly be so naive as to not be aware of how some charitable trusts are used as tax shelters?
Are you saying the Gates Foundation is a "vanity charity"?
The nonprofit sector is among the most transparent in our economy. Of course, some will always manipulate the best intended policies but neither you, nor this author have any evidence that Buffett is intending to do so.
Bullshit. Having actually been in the not for profit sector and looked at financial statements for not for profits, the idea that they are the most transparent is just hogwash especially in how they classify and decide on itemizations. His family trusts may very well be vanity charities and a method to employ his kids - while it's my hope that the Gates Foundation does well, he did far more in his private for profit enterprise - even in the developing world.
Are you however acknowledging that charities are able to do better than government?
When did you work in the nonprofit sector? I find it hard to believe that you'd lower yourself to work with "leeches" as you've referred to those of us who do.
That you could claim that John Paulson and Goldman Sachs conspiracy is above board but Buffett is somehow scheming to give his children jobs, particularly given that his children are all doing quite well and have public spoken about how they believe their father is doing the right thing by donating most of his wealth to charity. http://abcnews.go.com/GMA/story?id=2133209&page=1#.TyglZPne58E
Some charities to some things better than government does. Just as some businesses do things better than government does and government does certain things better than businesses or nonprofits.