Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: tejek who wrote (164456)	3/16/2003 9:29:35 PM
From: i-node	of 1575623

Also it can be reasonably argued that Buffet is wrong about this even in his own case. He owns companies or parts of companies and is already paying taxes through the corporate tax. Corporations are allowed a deduction under section 243 of 70% or 80% of any deductions they receive; if one owns stock in a corporation (Berkshire Hathaway, for example) which is a "public holding company", dividends received by it are virtually tax free anyway. If a principal asset of yours is stock in such a corporation, the receipt of dividends (almost tax free) by the corporation simply causes the net value of the holding company to increase by an equivalent per-share amount. This is, of course, tax free, since that asset is going to pass to your heirs appreciated with a step-up in basis. If you want to here Buffet scream, tell him you're going to eliminate the Section 243 deduction (the IRC 243 deduction being the corporate equivalent of what Bush has proposed for individuals). Tax matters are complex enough that a Buffet can pull a fast one and the media and the tax-and-spend liberals don't even know what happened...

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