Guest
04-14-2012, 11:58 AM
I have always said on here, as well as privately, that I am out of my element in financial aspects.
Thus, I have misrepresented my interpretation of the Buffet Rule as it applies to how it will be applied to income.
My bottom line does not change in that it is a political gimmick in total but want to clarify that I may have misrepresented the application. It still does NOTHING and serves no useful purpose...
"Those affected taxpayers -- the fewer than 0.5 percent of Americans with annual incomes exceeding $1 million and tax rates of less than 30 percent -- could take advantage of tax-free investments such as municipal bonds to escape the Buffett rule’s bite. They also could time asset sales for maximum tax benefits, engage in transactions that don’t result in taxable income and make charitable contributions that yield deductions.
“Largely, the Buffett rule is going to be manageable,” said David Miller, a partner at Cadwalader, Wickersham & Taft LLP in New York. “That is, with tax planning, people will be able to avoid it.”
How ‘Buffett Rule’ could still be escaped by highest-earning households - The Washington Post (http://www.washingtonpost.com/business/how-buffett-rule-could-still-be-escaped-by-highest-earning-households/2012/04/13/gIQADsAwET_story.html?tid=pm_business_pop)
The President certainly knows all this so why is he doing this instead of following the lead of HIS panel that he ignored and begin to work on the tax code.....POLITICS alone.
And I will add that even the Democrats are not fans of this thing. If, and that is a big IF it even passed the house, he would have to revert to his plan used on health care and buy votes.
I just posted this because if I make a mistake, I would prefer to own up right away on it.
Thus, I have misrepresented my interpretation of the Buffet Rule as it applies to how it will be applied to income.
My bottom line does not change in that it is a political gimmick in total but want to clarify that I may have misrepresented the application. It still does NOTHING and serves no useful purpose...
"Those affected taxpayers -- the fewer than 0.5 percent of Americans with annual incomes exceeding $1 million and tax rates of less than 30 percent -- could take advantage of tax-free investments such as municipal bonds to escape the Buffett rule’s bite. They also could time asset sales for maximum tax benefits, engage in transactions that don’t result in taxable income and make charitable contributions that yield deductions.
“Largely, the Buffett rule is going to be manageable,” said David Miller, a partner at Cadwalader, Wickersham & Taft LLP in New York. “That is, with tax planning, people will be able to avoid it.”
How ‘Buffett Rule’ could still be escaped by highest-earning households - The Washington Post (http://www.washingtonpost.com/business/how-buffett-rule-could-still-be-escaped-by-highest-earning-households/2012/04/13/gIQADsAwET_story.html?tid=pm_business_pop)
The President certainly knows all this so why is he doing this instead of following the lead of HIS panel that he ignored and begin to work on the tax code.....POLITICS alone.
And I will add that even the Democrats are not fans of this thing. If, and that is a big IF it even passed the house, he would have to revert to his plan used on health care and buy votes.
I just posted this because if I make a mistake, I would prefer to own up right away on it.