Twenty years later, the capital gains tax breaks are back with a vengeance-- the top tax rate on capital gains is 15 percent, less than half the 35 percent top rate on regular income-- and Berkshire Hathaway chairman Warren Buffett is ringing the same bell:
Last year, Buffett said, he was taxed at 17.7 percent on his taxable income of more than $46 million. His receptionist was taxed at about 30 percent.By most accounts, the driving factor behind his super-low tax rate is that virtually all of his income comes in the form of capital gains.
It's a little bit harder to figure how his receptionist could be paying an effective tax rate of 30 percent, however.
Read more about it here.