Fishstyx
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It's not applying tax breaks/credits/loopholes. Yeah, 39.6% is the technical rate but after all breaks and such he actually only pays 15%.
That's not entirely accurate. The reason Buffet on pays 15% is because he doesn't earn a salary from Berkshire Hathaway as the CEO. His "pay" or compensation comes from stock options. The current capital gains tax is 15%. That's why Buffet's tax rate is what it is and is certainly not the norm in the corporate world. Most CEOs get a salary and are taxed at the applicable income rate.
Funny thing too, in 2010, Berkshire Hathaway paid 5.6 billion at state of 29%.
Obama and Buffet are banking on the public to be too stupid to know the difference.
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