Warren Buffett’s Secretary Pays More in Tax Than Warren Buffett
Lisa | Nov 07, 2008 | Comments 5
In June of 2007 Warren Buffett torpedoed the US tax system for its flagrant favoritism of the filthy rich.
“Speaking at a $4,600-a-seat fundraiser in New York for Senator Hillary Clinton, Mr Buffett, who is worth an estimated $52 billion, said: “The 400 of us [here] pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter. If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.””
You have to wonder what George W. is thinking….
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Wow,
That is a very eye opening quote.
That just shows you owning your own business maybe one of the biggest scams going.
There are many ways that the rich shift assets around. Examples are:
1. owning municipal bonds, the yield is tax free. John Kerry’s wife does this.
2. owning a bunch of corporations. For example, setup a corporation to buy the house you live in and then you pay rent to your own company. You can claim depreciation and other neat stuff.
3. An example I showed on my blog. The investor own two companies. He purchases stock of one company and the stock loses value. He goes and sells the stock and gets a capital loss and descreases the tax liability. At the same time he goes and repurchases the stock with the other company.