How Much Do Rich People Pay in Capital Gains Taxes? It's Double Taxation

From Blog
December 25, 2012 - 12:53pm

I try to stay as apolitical as possible on this blog for reasons of keeping this site informative on actual business topics.  I decided to write this article due to the statements I always hear about the amount of taxes rich people get away with NOT paying.  Warren Buffett, who I truly love as an investor, speaks a bit inaccurately about his personal taxes. He always complains that he only pays 17% or so of his income in taxes while his staff, who make CONSIBERALY less, pay around 25% to 30% in taxes.  But is it true? Well, let’s do a little background.  I currently own several businesses under Limited Liability Company (LLC) ownership structures.  What this means is that my income from those businesses is sent directly to my pesronal tax return and I am taxed at my personal income tax levels and the company pays no income taxes.  For this example, let...

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