Those figures are "fuzzy math". Here's the tax rate for Income Taxes in the US. (Adjusted Gross Income)
Single
0 - $7,550 10% of the amount over $0
$7,550 - $30,650 $755 plus 15% of the amount over 7,550
$30,650 - $74,200 $4,220.00 plus 25% of the amount over 30,650
$74,200 - $154,800 $15,107.50 plus 28% of the amount over 74,200
$154,800 - $336,550 $37,675.50 plus 33% of the amount over 154,800
$336,550 - no limit $97,653.00 plus 35% of the amount over 336,550
Married/Joint
$0 - $15,100 10% of the amount over $0
$15,100 - $61,300 $1,510.00 plus 15% of the amount over 15,100
$61,300 - $123,700 $8,440.00 plus 25% of the amount over 61,300
$123,700 - $188,450 $24,040.00 plus 28% of the amount over 123,700
$188,450 - $336,550 $42,170.00 plus 33% of the amount over 188,450
$336,550 - no limit $91,043.00 plus 35% of the amount over 336,550
Show me where the ultra wealthy have a lower tax rate than the middle class?
I don't advocate the wealthy paying a lower tax rate, and the tables above show that they don't.
On Buffet's hypothetical 100 Mil income, his income tax is around 35%. His secretary at $60,000 is closer to 24%. And those figures are without any deductions. That secretary with typical deductions would probably lower the tax rate to around 12-15%, while deductions for Buffet wouldn't lower his 35% rate any.
People throw up figures and no body questions them. A few minutes with a calculator would show that Buffet's statements and figures are misleading and definitely not correct.
So you are saying that Buffett is lying about how much he paid in taxes?
That's why I posted the article. I know what the basic tax rates are.
This response seems a little different than your first. Thanks for clarifying
I would be in favor of a flat tax rate across the board or some kind of a national sales tax so you only pay on use.
I disagree with taxing the rich more or less than someone with average income for several reason.
We agree about this issue.