Posted on 01/24/2012 8:36:19 AM PST by Sub-Driver
That was my first thought when I read the headline.The first lady’s box must be dark and smelly.
TV off tonight in protest
If this lady wants to enter the political arena,,then let her release her tax returns. I bet she is many times a millionaire. Buffet’s head office team is very small and handles big secrets. She probably has been getting stock options and much more.
Warren Buffett’s ‘Secretary’ Is Not Amused
http://www.freerepublic.com/focus/f-news/2781156/posts
I guess she IS amused now.
The “Buffett Secretary” meme is such a fraud.
If one only includes income taxes (and not Social Security and Medicare payroll taxes), a typical family of four with a typical mortgage has to earn about $110,000 to go from an incremental tax rate of 15% to the 25% bracket.
When you have a tax system based on high marginal rates and exemptions and deductions which often exceed 50% of total income of a middle class household, the marginal tax brackets are not representative of actual tax rates paid.
That said, if you include the payroll tax then the point at which a typical household federal tax burden exceeds 15% happens much sooner.
Regardless, Buffett does not have to choose to compensate himself in stock grants, stock options, and dividends from stock granted to him. He could pay himself a cash salary and cash bonuses which would be taxed at the income tax rate.
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