> I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain<p>I've been in finance long enough to believe that this is true.<p>The problem is that the rich have the ability to take their income in alot of different ways.<p>Tax income more, they'll take it as dividends.<p>Tax dividends more, they'll take it as capital gains.<p>Tax capital gains, they won't realize their capital gains until they can offset them with realized losses or they'll just get bank loans again't their stock holdings.<p>Tax assets on death and they'll pass them o n in trusts.<p>Some will move money off shore if they think they can get better returns that way.<p>The problem is that no tax code can close all loop holes because you just can't foresee the creative ways people will out maneuver the tax code.<p>Who would have thought 25 years ago that companies would buy other companies in different countries, not to acquire their products or markets, but to acquire their headquarters address to lower the tax paid in the US.
Good counter-argument at the time from Michael Arrington from TechCrunch:<p><a href="http://techcrunch.com/2011/08/15/screw-the-rich-heres-how/" rel="nofollow">http://techcrunch.com/2011/08/15/screw-the-rich-heres-how/</a><p>"Buffett calls for an increase in all types of taxes – income, dividend and capital gains. That would be a nice triple layer of protection against any newcomers, and still preserve all – 100% – of the $47 billion he’s accumulated until now."
Of course the super-rich are going to get coddled. If you are in a position of influence they can throw $100,000 to a million dollars your way to make sure you enact the policies they want. This can be in the form of consulting gigs or speaking fees or what have you.<p>Point is, the money is literally chump change to them.
In the United States there are about 500 billionaires. There are also 150 million U.S. gun owners in a declining middle class where dead end temp work is a lifestyle for a large part of the population and basic social well-being and security is an "issue". I can tell you from first hand experience, when you are in that state ... you are not in your right mind. If I was one of those 500 people I would be very paranoid.
Lets not forget the rebuttal, too.<p><a href="http://www.forbes.com/sites/paulroderickgregory/2012/01/25/warren-buffetts-secretary-likely-makes-between-200000-and-500000year/#3e547f7b18b8" rel="nofollow">http://www.forbes.com/sites/paulroderickgregory/2012/01/25/w...</a><p>Edit: maybe that source isn't as good as I remember, but other sources seem suspicious over the factual accuracy of Buffet's claims.<p><a href="http://www.politifact.com/truth-o-meter/article/2011/sep/21/does-secretary-pay-higher-taxes-millionaire/" rel="nofollow">http://www.politifact.com/truth-o-meter/article/2011/sep/21/...</a><p><a href="http://www.factcheck.org/2011/10/shes-no-buffetts-secretary/" rel="nofollow">http://www.factcheck.org/2011/10/shes-no-buffetts-secretary/</a>
on taxation, I always believe that "you" should make the tax reasonable enough to render its avoidance obsolete. Close all loopholes with flat laws and just force them. On the other hand there will always be some corrupted official to create another loophole in the process...
Warren, shut your hypocrite mouth until you start writing checks to the US Treasury that cover the gap between whatever you're taxed and whatever you think you should be taxed.<p>Even then, STFU. You have no right to dispose of the lives of others.
Not possible due to <a href="https://en.wikipedia.org/wiki/Stockholm_syndrome" rel="nofollow">https://en.wikipedia.org/wiki/Stockholm_syndrome</a>