Obama: “Tax reform should follow the Buffett rule. Asking a billionare to pay at least as much as his secretary in taxes, most Americans would call that common sense.”
Fact: Buffett’s secretary doesn’t pay $7 million, which is what Buffett paid in 2010. Also, Obama doesn’t mention that Buffett’s income had already been taxed at the corporate level. When his capital gains and corporate taxes are combined, the real effective tax rate is closer to 45%, which is much higher than his secretary’s 35.8% rate.
The nation’s top 1% of earners earns 16% of all income, but they pay 37% of all federal income taxes.
BTW: According to Forbes, Warren Buffett’s Secretary Likely Makes Between $200,000 And $500,000/Year. Nice work if you can get it.
Obama’s MIS-State-MENTS of the Union 2:11 Video