Monday, April 16, 2012

The Buffett Rule

Do you know what the Buffett Rule is? If you don't if doesn't matter because it failed to pass in the Senate today. If passed it would have resulted in adding $47 billion to the government coffers over a ten year period. That's about how much we spend in one morning---every single day.
One more thing: the tax would have doubled the capital gains tax to 30%. I'm being somewhat selfish here but years ago, anticipating old age, I sort of thought after I retired my investements would help cover needed expenses. Lizzie and I planned ahead. Capital gains taxes hurt retirees but it's evident the Obama administration could care less about us geezers.

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