26
Jan
12

Buffett and his secretary

Lately we’ve been reminded of the old saw that Warren Buffet pays less in taxes than his secretary.

Megan McArdle calls shenanigans.  Her best guess:

I gather what Buffet is talking about is comparing her federal marginal tax rate, including both sides of the employer tax, to what must be his effective tax rate, since there is no marginal rate of 17.4%.  That comparison is beyond bizarre.

The post ends up saying far more about the complexity of the tax code than anything else.

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