Tuesday, September 20, 2011

Now James DeMint Wants to See Buffett's Tax Return

And so it should be. If Warren Buffett is calling for less taxes based on his income tax, let's see what he is doing to lower his income tax rate.

Further, as Business Insider reports, the Associated Press fact-checked President Barack Obama's assertion that the rich are taxed at a lower rate than their secretaries, and found that on average, Obama's claim doesn't hold water.

Obama was paraphrasing Buffett, who claimed he has a lower effective tax rate than his secretary.---though that is far from the norm.

IRS data from 2009 shows that households with incomes over $1 million paid an average of 24.4 percent to Uncle Sam, while those between $100,000 and $125,000 paid about 9.9 percent in federal income tax.


  1. And don't forget the SS/medicare tax. And for home 'owners', more taxes. I'm no where near 'rich', but pay 25% of my income before and after my check before I get to pay the mortgage, electricity, food, or anything else.

    If Buffet/BO were serious, they would break out their check books and make a substantial contribution to the federal government's coffers.

  2. Yeah my experience is similar to sth_txs.. and I make under 100k. 25%. Plus I am self employed, so I find tax time to be a very unpleasant experience. I am part of the population of people that feels the pain. So although I realize it's counter productive, it's rather annoying the hear averages like 9.9%.