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Update: Dumb Blogger Screws Up Apology to Meg Whitman, Has to Apologize Again

07/20/2010 03:32 pm ET | Updated May 25, 2011

What the hell is my problem?

I was trying to retract an ill-considered and imprecise aspersion I made about Meg Whitman's plan to cut her taxes and I just made it worse.

Yes, Meg Whitman wants to eliminate California's capital gains tax, even though the state is $20 billion in the hole and capital gains account for a fifth of its income tax revenue.

And yes, eighty percent of this tax is paid by one percent of Californians.

But here's where I went wrong this time:

I said Meg Whitman's tax cut would mean that she wouldn't have to pay taxes the next time she makes $1.78 million in a day, insider trading with some cronies at Goldman Sachs.

This is just wrong. As the HuffPost commenter community points out, the tax cut will only apply to bribes and kickbacks Meg Whitman holds for at least a year.

Bribes and kickbacks Meg cashes in after 24 hours, like she did, are taxed as ordinary income.

So I want to apologize again:

Even when Meg Whitman, the fourth richest woman in California, gives the other richest people in California a ten billion dollar tax cut next year, she herself will still pay taxes on any bribe, kickback, or insider trade windfall that she holds for less than twelve months.

Honestly, the way I keep messing this up, you'd think I was looking for an excuse to keep talking about it.

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