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People like Warren Buffet pay less in taxes because their income is mostly capital gains. If income was income, regardless of source, then the tax code would a lot more fair. Buffet knows this, and is saying that his tax breaks aren't fair. Of course, he has more money than he could ever possibly spend, so it isn't going to affect his lifestyle to pay more in taxes. His cleaning lady, however, might just be able to afford a better standard of living if she were not paying more in taxes, or, perhaps, if taxes were more fair, the federal government might not be in quite as much trouble as it is currently. That's not to say that they should raise taxes and keep on spending, of course. If we're ever to balance the federal government, then taxes have to be increased, and spending has to be cut. That's the reality that no one in Washington is willing to address, at least not until after the election.
People like Warren Buffet pay less in taxes because their income is mostly capital gains. If income was income, regardless of source, then the tax code would a lot more fair. Buffet knows this, and is saying that his tax breaks aren't fair.
Of course, he has more money than he could ever possibly spend, so it isn't going to affect his lifestyle to pay more in taxes. His cleaning lady, however, might just be able to afford a better standard of living if she were not paying more in taxes, or, perhaps, if taxes were more fair, the federal government might not be in quite as much trouble as it is currently. That's not to say that they should raise taxes and keep on spending, of course.
If we're ever to balance the federal government, then taxes have to be increased, and spending has to be cut. That's the reality that no one in Washington is willing to address, at least not until after the election.
