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Tilson & His Assistant Defending The Buffett Rule


Parsad
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Guest Hester

Breaking news:

Monday, Whitney Tilson will be on CNBC's squawk box to discuss his daily overconsumption of cherry Coke.

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Tilson defends the Buffett Rule, and announces that he is well-connected, rich, and successful!  LOL!

 

Yeah, I couldn't really believe he said that at the beginning, and then when he uncomfortably corrected his assistant on the tax rate she's paying...yikes!  Not sure what possesses him to do this stuff.  Cheers!

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Got a good chuckle out of this.

 

I wouldn't at all be surprised if there are posters here with a larger net worth than Tilson. Yet, they don't feel the need to aggrandize themselves on TV, let alone put themselves in the same breath as WEB.

 

Feel sorry for the assistant. Hope she's looking for a new employer.

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I won't judge his motives but I will judge his arguments.  Out of the whole interview what really annoyed me was the fallacious argument that if we don't pass the Buffett rule, and raise the $47 billion over ten years from the super-rich, it means that 47 million Americans will have to pay $1,000 each.  It is not an either or situation.  No one has called for raising taxes on the middle class. 

 

If I heard it right, Whitney's assistants taxes are higher solely due to payroll taxes (50% of her 33% versus just 1/2 of 1% of his 25% when including both employee and employer contributions).  Since payroll taxes are all earned back by the payor if they live to normal life expectancy it is a different animal than income taxes and in my opinion should not be included.  Over a lifetime Whitney will pay a significantly higher rate in federal taxes (income plus payroll) than his assistant just like Buffett will.   

 

 

 

 

 

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