Buffett had invited me to Omaha to discuss tax policy. More specifically, he wanted to know why Washington continued to cut taxes for people in his income bracket when the country was broke. ... Buffett's low rates were a consequence of the fact that, like most wealthy Americans, almost all his income came from dividends and capital gains, investment income that since 2003 has been taxed at only 15 percent. The receptionist's salary, on the other hand, was taxed at almost twice that rate once FICA was included. From Buffett's perspective, the discrepancy was unconscionable.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "Buffett had invited me to Omaha to discuss tax policy. More specifically, he wanted to know why Washington continued to cut taxes for people in his income bracket when the country was broke. ... Buffett's low rates were a consequence of the fact that, like most wealthy Americans, almost all his income came from dividends and capital gains, investment income that since 2003 has been taxed at only 15 percent. The receptionist's salary, on the other hand, was taxed at almost twice that rate once FICA was included. From Buffett's perspective, the discrepancy was unconscionable." in the context of "Barack Obama, in The Audacity of Hope: Thoughts on Reclaiming the American Dream (2006), Ch. 5" to mean that wisdom is timeless.