Tuesday, August 05, 2003

Warren Buffett: dividend tax cut is voodoo economics

Warren Buffett: dividend tax cut is voodoo economics: "Now the Senate says that dividends should be tax-free to recipients.
Suppose this measure goes through and the directors of Berkshire Hathaway
(which does not now pay a dividend) therefore decide to pay $1 billion in
dividends next year. Owning 31 percent of Berkshire, I would receive $310
million in additional income, owe not another dime in federal tax, and see
my tax rate plunge to 3 percent."

Warren Buffet slamming the tax cuts that have led/are leading to record deficits and unprecedented service cuts. This is from a few months back.

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