Obama frequently rants that Warren Buffett’s tax rate is a bit under 18% — while Buffett’s $60,000 per year secretary has to pay 30%.
Among the ironies of the Obama plan – as “clarified” by Forman and Goolsbee – is that Buffett will still be paying a lower rate than his secretary.
By my math, Buffett’s effective rate will go up to about 22% (mostly due to the 5% bump in the capital gains rate) and his secretary’s rate will come down to 29% (courtesy of the $500 tax credit).
The gap closes, but the much ballyhooed injustice is still there.
Apparently the plan’s architects fired but missed one of their most conspicuous, self-declared targets.
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