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  • It makes no difference to a widow with her savings in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation or pays no income tax during years of 5 percent inflation. Either way, she is 'taxed' in a manner that leaves her no real income whatsoever. Any money she spends comes right out of capital. She would find outrageous a 100 percent income tax but doesn't seem to notice that 5 percent inflation is the economic equivalent.

    Warren Buffett / Investor
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It makes no difference to a widow with her savings in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation or pays no income tax during years of 5 percent inflation. Either way, she is 'taxed' in a manner that leaves her no real income whatsoever. Any money she spends comes right out of capital. She would find outrageous a 100 percent income tax but doesn't seem to notice that 5 percent inflation is the economic equivalent.

⇛ Warren Buffett (Investor)
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Everyone in the world disagrees with me, including some managers, but I think managing in the American League is much more difficult for that very reason (having the designated hitter). In the National League, my situation is dictated for me. If I'm behind in the game, I've got to pinch hit. I've got to take my pitcher out. In the American League, you have to zero in. You have to know exactly when to take them out of there. In the National League, that's done for you.
Jim Leyland Baseball Manager
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