[FoRK] Obama disingenuousness

silky <michaelslists at gmail.com> on Wed Apr 23 18:50:44 PDT 2008

news at 11? a  disingenuous politician?


On Thu, Apr 24, 2008 at 11:43 AM, Jeff Bone <jbone at place.org> wrote:
>
>  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 pays.
>
>  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.
>
>  $0.02,
>
>  jb
>
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