Buffet's Math is False; Tax Something, You Get Less
According to IBD there is no way that the average secretary could pay 30% in taxes, as Buffet claims his secretary paid in taxes:
"According to the Congressional Budget Office, only one group paid an effective tax rate of more than 30% — the top 1% of all earners. And that begins at $1.26 million pre-tax. Not a lot of secretaries there.
What perplexes us is that Buffett seems to want higher taxes on the very people — entrepreneurs — who create the jobs, increase the wealth and stimulate the growth that make America's economy the marvel that it is. Doesn't he realize that when you tax something, you always get less of it?"
1 Comments:
$50,000 income is taxed at 13.5%, add in 12% from both sides of the Social Security tax, add in Medicare tax and state & local taxes and you are about at 30%.
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