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View Diary: Warren Buffett calls for A Minimum Tax for the Wealthy (107 comments)

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  •  Most of Buffett's wealth (1+ / 0-)
    Recommended by:
    LilithGardener

    was never exposed as income subject to the taxman.

    He might be worth $40 billion and received a total of $200 million in taxable personal income in his entire life.

    He might have paid an average rate of 20% on his $200 million in total taxable income over a lifetime.

    That's a total of say $40 million that he might have paid to the IRS over his entire lifetime.

    Yup, it's the equivalent .1% of his total wealth that Warren forked over to the IRS.

    If he doesn't sell, he'll pay 0% on his unrealized capital gains of probably over $39 billion.

    How is this possible? Because the US government has an INCOME tax, not a WEALTH tax.

    France has a wealth tax still I believe. If Warren was a Frenchman in France, he'd pay about 2% of his $40 billion in wealth in wealth tax each year.

    That's $800 million/year, not just a mere $40 million total over about 70 years.

    •  2% per year??? (0+ / 0-)

      That would force people to...  um...  work or something!  It's socialism!

      Early to rise and early to bed Makes a man healthy, wealthy, and dead. --Not Benjamin Franklin

      by Boundegar on Mon Nov 26, 2012 at 10:51:39 AM PST

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    •  Constitutional restrictions RE: Wealth tax (0+ / 0-)

      Prior to the 1980's the US tax system still resembled New Deal Tax Policy.

      I'd rather fix whats broken rather then venture off into uncharted areas of Constitutional amendments.

      FDR 9-23-33, "If we cannot do this one way, we will do it another way. But do it we will.

      by Roger Fox on Mon Nov 26, 2012 at 12:11:45 PM PST

      [ Parent ]

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