Yesterday Ed Morrissey at Hot Air posted an article about a recent fact check on some details of one of President Obama’s speeches. After Warren Buffet claimed that his secretary paid more taxes than he did, President Obama began to repeat the claim. Associated Press decided to do some fact-checking.
The article at Hot Air reported the following:
This year, households making more than $1 million will pay an average of 29.1 percent of their income in federal taxes, including income taxes and payroll taxes, according to the Tax Policy Center, a Washington think tank.
Households making between $50,000 and $75,000 will pay 15 percent of their income in federal taxes.
Lower-income households will pay less. For example, households making between $40,000 and $50,000 will pay an average of 12.5 percent of their income in federal taxes. Households making between $20,000 and $30,000 will pay 5.7 percent.
There is also the fact that if Warren Buffet wants to pay more in taxes, there is a place on his tax return that allows him to do just that. The flip side of this is wondering how many lawyers and accountants he employs to keep his taxes as low as possible. While I am piling on, I would like to refer to a story I posted on September 1 at rightwinggranny explaining that a business move recently made by Warren Buffet will result in Berkshire Hathaway paying a tax rate of 10.5 percent on the $300 million in dividends it will receive each year from Bank of America instead of the normal rate of 35 percent. If Mr. Buffet is so convinced millionaires should pay higher taxes, why did he bother to make that move?