Warren Buffett’s Trying To Destroy The Lives Of Retirees!
I’ve been keeping my eye on Congress lately, and I’ve got to tell you, I don’t like anything I’ve seen. Unfortunately, our country is being led by a group of self serving, self dealing liars.
It makes me sick…
The trouble is, neither party has a leg to stand on… Republican or Democrat. Both are guilty. Now being mad at government officials is nothing new. It’s a national pastime, probably more popular than baseball.
However, there’s one person who really burns me up lately, and that’s Warren Buffett.
As an investor, he’s amazing. The return he’s generated for investors and shareholders is nothing short of record setting. However, he’s been venturing up to visit Congress and those dirty politicians a little too frequently for comfort.
He’s trying to influence Congress and the tax debate… and let me tell you, he’s not doing it for the common good. He’s doing it to line his own pockets with ill gotten gold.
Buffett comes out and says as a percentage, he’s paid less in taxes than his secretary. He pounds the table for changing the tax code and instituting a Millionaire’s Tax. Now I’m all for making the rich pay their fair share…
But what Buffett’s saying could actually hurt people about to retire. Let me explain…
Do you know why Buffett pays less in taxes than his secretary? It’s because his sources of income are very different. His secretary collects a paycheck, and that’s probably the majority of her income. Our dear friend Warren doesn’t get much of a paycheck.
As a matter of fact, as a corporate CEO, he’s very much underpaid.
He probably collects most of his income through capital gains and dividend income. Now you’ll note I used the word “probably”… as he’s yet to release his taxes. But the varying sources of income explain the difference in tax liability.
Why should you care?
Right now, you’re probably working hard and earning a steady paycheck. So you’re just like Buffett’s secretary. But when you retire, your income sources change dramatically.
You’re going to live off your savings… and if you’re lucky, it means your income will come from Capital Gains and Dividend Income! Sound familiar?
These are the very things Buffett gets his income from… and the very things he’s urging Congress to tax more. Buffett’s push to increase taxes on Capital Gains and Dividends will do one thing… hand retirees a higher tax bill.
Why would he care? Why’s Buffett pushing for these kinds of taxes?
It’s in his own best interest.
Remember, most of America’s economy is made up of small businesses. As businesses pass from one generation to the next, or as owners look to retire and live off what they built, they’re going to get hammered by these new taxes.
So instead of suffering the threat of huge taxes, many business owners will look to sell. Who’s sitting on the other side of the table ready to make a deal? Good ol’ Warren Buffett. Remember, he makes his living buying and selling companies.
This latest tax ploy is just another attempt to push small business owners into the hands of “Wall Street” and corporate titans like Berkshire Hathaway. The IRS does the dirty work and Buffett stands to profit.
Category: Dividend Bust
