National Review Online -- 9/20/2011 -- The Editors
http://www.nationalreview.com/articles/277700/obama-hits-bottom-editors?page=1
Obama Hits Bottom
This is an itneresting read about Mr. Buffet, his secretary, tax laws, regulations and why President Obama's 'plan' to change tax law won't help America. The President's plan will only harm the economy.
Mr. Buffett pays no taxes on dividends accruing to the many shares of stock he holds in his company, Berkshire Hathaway, simply because the firm does not pay a dividend, while most of his personal wealth has been put into a trust. Each of those facts — the relatively low salary, the lack of dividend payments on Berkshire Hathaway shares, the trust — is part of a calculated strategy to avoid paying taxes. While we do begrudge Mr. Buffett his ridiculous moral posturing, we do not begrudge him the benefit of such allowances as the tax code affords: Mr. Buffett, after all, did not write the tax laws. And he shouldn’t start writing them now.
We did not have high hopes for Barack Obama as an economic thinker, but he continues to underperform our lowest expectations.
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