Warren Buffetts Trying To Destroy The Lives Of Retirees!
Ive been keeping my eye on Congress lately, and Ive got to tell you, I dont like anything Ive seen. Unfortunately, our country is being led by a group of self serving, self dealing liars.
It makes me sick
The trouble is, neither party has a leg to stand on Republican or Democrat. Both are guilty. Now being mad at government officials is nothing new. Its a national pastime, probably more popular than baseball.
However, theres one person who really burns me up lately, and thats Warren Buffett.
As an investor, hes amazing. The return hes generated for investors and shareholders is nothing short of record setting. However, hes been venturing up to visit Congress and those dirty politicians a little too frequently for comfort.
Hes trying to influence Congress and the tax debate and let me tell you, hes not doing it for the common good. Hes doing it to line his own pockets with ill gotten gold.
Buffett comes out and says as a percentage, hes paid less in taxes than his secretary. He pounds the table for changing the tax code and instituting a Millionaires Tax. Now Im all for making the rich pay their fair share
But what Buffetts saying could actually hurt people about to retire. Let me explain
Do you know why Buffett pays less in taxes than his secretary? Its because his sources of income are very different. His secretary collects a paycheck, and thats probably the majority of her income. Our dear friend Warren doesnt get much of a paycheck.
As a matter of fact, as a corporate CEO, hes very much underpaid.
He probably collects most of his income through capital gains and dividend income. Now youll note I used the word probably as hes yet to release his taxes. But the varying sources of income explain the difference in tax liability.
Why should you care?
Right now, youre probably working hard and earning a steady paycheck. So youre just like Buffetts secretary. But when you retire, your income sources change dramatically.
Youre going to live off your savings and if youre lucky, it means your income will come from Capital Gains and Dividend Income! Sound familiar?
These are the very things Buffett gets his income from and the very things hes urging Congress to tax more. Buffetts push to increase taxes on Capital Gains and Dividends will do one thing hand retirees a higher tax bill.
Why would he care? Whys Buffett pushing for these kinds of taxes?
Its in his own best interest.
Remember, most of Americas economy is made up of small businesses. As businesses pass from one generation to the next, or as owners look to retire and live off what they built, theyre going to get hammered by these new taxes.
So instead of suffering the threat of huge taxes, many business owners will look to sell. Whos sitting on the other side of the table ready to make a deal? Good ol Warren Buffett. Remember, he makes his living buying and selling companies.
This latest tax ploy is just another attempt to push small business owners into the hands of Wall Street and corporate titans like Berkshire Hathaway. The IRS does the dirty work and Buffett stands to profit.
Until next time,
Brian Walker
Category: Breaking News
