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Politics : PRESIDENT GEORGE W. BUSH
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To: wonk who wrote (443692)8/15/2003 8:05:42 PM
From: Gordon A. Langston  Read Replies (1) of 769670
 
I think the plan now is to tax dividends the same as long term capital gains. One thing I'm not clear on is whether the Alternative Minimum Tax affects this issue. Any tax accountants?

" Buffett, chief executive officer of Berkshire Hathaway Inc., wrote a Washington Post column in May criticizing plans to eliminate taxes on stock dividends.

He called it "voodoo economics" and noted it would result in his tax rate dropping to 3 percent while his receptionist's rate remained at about 30 percent.

But a few days after the column appeared, the U.S. House and Senate reached a budget deal that ended the president's hopes for tax-free stock dividends.

Instead of eliminating dividend taxes altogether, Congress reduced taxes on dividends from up to 38.6 percent to 15 percent for most taxpayers through 2008.

Buffet's tax rate may have dropped, but not to the level Graham repeatedly cited.

Graham campaign spokeswoman Kristian Denny said Graham did speak to Buffett, but apparently based his stump speech line on an outdated conversation.

"Could he have been a little clearer? Yes," Denny said. "But the fact of the matter is that the final version of the bill has Buffett's secretary paying a higher tax rate than Buffett."

She did not know what Buffett's tax rate would be.

Representatives of Buffett, who made headlines this week after joining Arnold Schwarzenegger's California gubernatorial campaign as an economic and financial adviser, did not return phone calls Thursday."

sptimes.com
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