Several years ago Warren Buffett made his opinion clear about how he felt wealthy Americans should pay more in federal income taxes. Specifically he cited income from investments, which are subject to a lower tax rate. He also held the opinion that it is unfair our tax code provides a tax break on earnings over the Social Security Wage Base Limit ($113,700 in 2013). Wage earners over the limit do not pay Social Security taxes on the excess.
While Mr. Buffet’s suggestions have yet to be fully adopted by Congress, the need to fund the Affordable Care Act (ACA) mirrors his sentiments and has given rise to two new taxes collectively referred to as the Obamacare Medicare Tax. In fact, some feel the tax should be called the Obama Warren Buffett Tax. Read more…
Holly also founded ExitPromise.com and to date has answered more than 2,000 questions asked by business owners about starting, growing and selling a business.
Latest posts by Holly Magister, CPA, CFP
- Understanding the Business Buyer Types When Selling Your Business - April 12, 2019
- How to Prepare and Include the Business Owner’s Family in the Exit Planning Process - March 14, 2019
- How to Prepare for Due Diligence When Selling a Business - February 12, 2019