When Warren Buffett said it was not fair that he pays a lower tax rate than his secretary, he was not talking about ordinary income tax rates. He was referring to the “carried interest rule,” a special tax rate for big investors and investment bankers who pay the lower capital gains tax rate (15% normally reserved for investments) for their everyday work.
Repeal of this tax rule is one of the promises not kept by Mr. Obama, and is it any wonder? It would cost his Wall Street donor millions.
This exemplifies a high form of propaganda. You get someone like Warren Buffet to say he supports repeal of this rule. It seems credible because it would cost him a lot of money. But, it is all a “wink and a nod” because it makes Obama and his friends pretend to be anti-business and against the rich, but they don’t dare hurt their supporters. Taxing the Wall Street Rich would deplete the pools of money from which the left draws campaign funds.