[FoRK] Obama disingenuousness

Jeff Bone <jbone at place.org> on Wed Apr 23 18:43:24 PDT 2008

BTW, there's one more thing that's been troubling me about Obama's  
misuse of Warren Buffet's statement about secretaries paying  
"more" (rate wise, though obviously not in total) than their investor- 
bosses in the context of the the Loathsome Hedge Fund 50.  While I  
have no doubt that Warren Buffet pays a lower overall blended tax rate  
than his secretary --- his wealth and income is most likely largely in  
the form of long-term capital gains, he's a long-term investor ---  
it's HIGHLY unlikely that more than a small part of the $29B those  
hedge fund managers made last year was taxed at the long-term cap  
gains rate.  Generally speaking most hedge funds aren't primarily long- 
term investors AFAIK.  The bulk of that take was almost certainly  
taxed at a higher rate;  a part of it in the form of regular income  
taxed almost exclusively at the top rate and a larger part of it taxed  
at the highest short-term cap gains rate.  Net-net I'd wager a fair  
penny that the blended tax rate paid on that "ill-gotten" $29B was  
considerably higher than the rate the supposed $60k / year secretary  

And I suspect Obama is and was quite aware of that, but "screw the  
rich" both resonates better with his own socialist attitude and plays  
better in economically-stressed Peoria.



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