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How rich is Warren Buffett's secretary?
Warren Buffet\'s secretary, Debbie Bosanek (left)
Thanks to ABC,
we now have a number on the difference between Warren Buffett's tax
rate, and his secretary's. According to the network, "Bosanek pays a
tax rate of 35.8 percent of income, while Buffett pays a rate at 17.4
percent."
Conservatives have swooped on this.
What sort of income is implied by a 35.8% tax rate? A very, very high
one. Various commentators have suggested that she must be making north
of $200,000.
Well, it's clear that we're not just talking about federal income taxes, because her claimed taxes are higher than the top marginal tax rate. They're also higher than the top effective tax rate, including payroll taxes. As far as I can ascertain, there is no way at all to pay effective federal income tax--or even effective federal income tax payroll tax--that sums to 35.8%. You can--just barely--get a marginal tax rate of 35.8% if she is making almost exactly the taxable social security limit of $110,000. This is not vast riches, though of course, it is also not the sort of income most people are thinking about when they hear that Warren Buffet pays more in taxes than his secretary.
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