Millionaires pay a higher tax rate than anyone else. Anyone who says that millionaires in general pay less than secretaries is either an idiot or a liar.
All the years Warren Buffett was making billions he said nothing about the rich paying more in taxes. Now he's singing a different tune.
The 2010 Geneva International Motor Show opened to the news media yesterday. Most Chinese automakers skipped the auto show here, but BYD Auto promised to be in Geneva for many more years to come. BYD has such exemplary electric-vehicle battery technology that Warren Buffet has invested a quarter of a billion dollars in the company.
Warren Buffett is an idiot. 99% of his income is in the form of dividends which are currently taxed at 15% (Obama wants that rate to go up to 20%). In order for him and the super rich to pay more in total taxes the capital gains rate would have to go to 33% or more.
Now it is very difficult to call someone who is worth tens of billions of dollars an idiot, but that is what he is now.
