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Obama Warren Buffett TaxSeveral 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…

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Holly Magister, CPA, CFP

Holly A. Magister, CPA, CFP®, is the founder of Enterprise Transitions, LP, an Emerging Business and Exit Planning firm. She helps entrepreneurs assess, re-align, and accelerate their business with the intent of ultimately executing its top-dollar sale.
Holly also founded and to date has answered more than 2,000 questions asked by business owners about starting, growing and selling a business.
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