Coddling Misinformation About Taxation

By Chris Banescu

Warren Buffett and President Obama claim that the rich do not pay enough taxes. They both accuse the American tax code of being unfair and coddling the rich. Both have been pushing the same class warfare narrative for years, using current U.S. capital gains and dividends taxation rates as evidence for their big-government progressive agenda. Both are spreading misinformation about all the taxes corporations and individuals actually pay. As far back in 2007, Mr. Buffett, the third-richest man in the world, began criticizing the U.S. tax code for its low tax rates on dividends and capital gains from long-term investments. One of his most infamous statements, one often repeated by the left to support its punish-the-rich schemes, was made in a speech at a $4,600-a-seat fundraiser for Senator Hillary Clinton in New York: The 400 of us [here] pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter. If you're in the luckiest 1 per cent of humanity, you owe.... (Read Full Article)