I see that in his campaign speech today, the president is again, or still, pushing for passage of "The Buffett Rule" which will increase taxes on millionaires. This rule came about because Warren Buffett said it wasn't fair that his secretary paid more taxes than he did.
What he probably didn't mention was that he pays a lower rate because he lives on income from his investments, capital gains and dividends. This money is indeed taxed at a lower rate which is fair since capital gains and dividends are the result of investing income which has already been taxed at a much higher rate. We don't hear much about that though, do we.
Raising taxes on millionaires really won't do much for the deficit, it's just a drop in the bucket.
If Warren Buffett really wants to pay his fair share, he should make sure that his company, Berkshire Hathaway, pays the approximately $1 billion dollars in back taxes.
I'd like to remind Warren Buffett and anyone else who thinks it's fair to pay more taxes that the IRS will not object if they were to pay additional taxes, or maybe they should just not take advantage of the loopholes.
Isn't it strange that two of the president's friends' companies (GE and Berkshire Hathaway) don't seem to pay taxes.
This idea of increasing taxes on millionaires who are the job creators is just another example of the current trend of punishing the successful and rewarding the mediocre. There's just something backward about that.