Warren Buffet’s annual *income* is only $100K. Bill Gates’ income was similar when he was employed. In fact, there are many a super rich whose annual *income* is nothing to speak off. Their wealth is asset based, not income based.

Are these the ‘middle-class’ making less than $250K a year in income that Obama wants to give tax-breaks to?

Granted that Obama will raise capital gains and dividend taxes so these guys will end up paying taxes when they dispose off any assets for gain or take a dividend payment. Just like you and me and most americans with any stock investments, mutual funds, etc will pay more for capital gains. Or maybe the tax net will catch them in form of estate taxes. But then, what about someone like Buffett who a) never sold any of his stock to realize any capital gains, b) orchestrated a massive charitable-philanthropic tax dodge to avoid all capital gain and estate taxes altogether, and c) does not pay a dividend

I don’t blame Buffett, he is smart. He also likes Obama’s plan, and it is clear that this plan does not affect Buffett too much financially (in fact he will get a tax break even though it may be insignificant in the large scheme of things for him)

The point I am trying to make is that the tax code is not fair and Obama’s proposal do not make it any fairer. Time to rethink the tax code.