>>>>>>>http://www.techdirt.com/articles/20110707/03264014993/riaa-accounting-how-to-sell-1-million-albums-still-owe-500000.shtml
>>>>>>
>>>>>>The movie business operates the same way. You can do boffo box office, a certifiable hit, and by the time the accountants are done with it it lost money.
>>>>>
>>>>>Not necessarily. That only happens when the actors or writers have contracted for a percentage of the profits.
>>>>
>>>>No, that's not the only time it happens. Of course the studios are more motivated to monkey with the numbers when someone is in line for a %.
>>>>
>>>>http://en.wikipedia.org/wiki/Hollywood_accounting
>>>
>>>And not mentioned in that piece. No profit no tax to pay. So a lot of very rich people are paying very little tax.
>>
>>No news there. Warrren Buffett says it's ridiculous that he pays a lower tax rate than his receptionist.
>
>He probably has a better accountant than his receptionist.:-)

Most of his income is in capital gains on investments, which are taxed at 15%.

Conservatives have successfully portrayed President Obama's budget proposals as including tax increases. In fact they do not. What he is proposing is to close loopholes. He also wants to let the Bush tax cuts for the wealthy expire, which is how they were sold in the first place, temporary. That is not a tax increase.

A lot of people in this country seem to think the proper tax rate is zero. I am not one of them. It is the price of living in a civilized society. As it is, we pay way less than you and the people in other developed nations do. Want highways? Want to call 911 in an emergency? Want your food inspected so it isn't toxic? These things cost money. Government funding for primary and secondary education. The list goes on and on.