Billionaire investor Warren Buffett wants his taxes raised. Told Obama so. So Obama is announcing the new "Buffett Rule" to raised taxes on the rich. But here is the question. How?
Warren Buffett pays very little "income tax" because most of his income is NOT from salaries. Warren Buffett's tax is "so low" because most of his annual income comes from CAPITAL GAINS which is taxed at 15%.
Now its unclear, but it seems as if the new "BUFFETT RULE" will be raising capital gains taxes. That may kill the family farm!
Typical farmers get their land cheap, but as cities expand the value of the land goes up. If a farmer sells some of his land, he's subject to capital gains on the land. Raise those taxes and a father can't sell his farm to his son.
Here is only 1 of many articles announcing the new tax, plans are very unclear: http://hosted.ap.org/dynamic/storie...ME&TEMPLATE=DEFAULT&CTIME=2011-09-18-03-44-46
Warren Buffett pays very little "income tax" because most of his income is NOT from salaries. Warren Buffett's tax is "so low" because most of his annual income comes from CAPITAL GAINS which is taxed at 15%.
Now its unclear, but it seems as if the new "BUFFETT RULE" will be raising capital gains taxes. That may kill the family farm!
Typical farmers get their land cheap, but as cities expand the value of the land goes up. If a farmer sells some of his land, he's subject to capital gains on the land. Raise those taxes and a father can't sell his farm to his son.
Here is only 1 of many articles announcing the new tax, plans are very unclear: http://hosted.ap.org/dynamic/storie...ME&TEMPLATE=DEFAULT&CTIME=2011-09-18-03-44-46