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Warren Buffett on Double Taxation

Andrew Sorkin Transcript: “I’ve been doing a little research while you’ve been talking, not just the tax rate, which you’ve talked about the higher tax rate in ’50s and ’60s being 62% but effective tax rate on the 0.1%, and there’s a study, i’ll send it to you, says the effective tax rate on the 0.1% back then was actually 71.4% in the 1960s and 74.6% in the 1970s.”

Warren Buffet Transcript: “The wealthy have seen — they’ve seen their net worth, the net worth of the forbes 400 since 1992 has gone from $300 billion to $1.5 trillion. you know, we have a system that has drifted toward favoring the ultrarich.”

Warren Buffet Transcript:”I’ve heard the double taxation argument a lot. actually, i have governor romney’s tax returns here as well as my own tax returns. It’s interesting. here, for example, in 2004 i had d $46 million of capital gains. You can put up the last page of that return. you’ll see on that return that millions and millions of dollars of capital gains. A few thousand of that was doubly taxed.”

“I made a lot of that — millions and millions of dollars from profits in treasury inflation-protected bonds. no double taxation there. there’s no double taxation there. here the same figures for 2006, when i had $40 million of capital gains. here’s the last page of my schedule d there. every single one of those stocks in which i was making millions of dollars was a korean stock. they didn’t pay a dime of united states federal income tax.”

“If you look at governor romney’s return, you see he made substantial capital gains from conditions where the companies themselves went public but in some cases they pay no federal income tax and other cases it paid minor federal income taxes.”

“It is true there is some double taxation. there’s an enormous amount of double taxation with my secretary. If they gets salary of x — you’ll use anybody that gets a salary of $100,000. they are paying 13.3% this year, 15.3% in 2010. they’re paying 13.3% in payroll taxes and that same income gets doubly taxed and gets taxed for income tax purposes. They get no deduction for social security taxes in computing their federal income tax. We have double taxation for tens and tens and tens and tens of millions of people who are making very small amounts of money.”

via Warren Buffett on Taxes.

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