The "Buffett Rule" Is Based On Flawed, Anecdotal Evidence; National Data Show That "Super-Rich" Pay Avg. Tax Rates 2-3X Higher Than a Secretary

The "Buffett Rule" Is Based On Flawed, Anecdotal Evidence; National Data Show That "Super-Rich" Pay Avg. Tax Rates 2-3X Higher Than a Secretary

Adjusted Gross Income, 2009	Average Federal   Income Tax Rate (%)
$10,000 to $15,000	6.8%
$15,000 to $20,000	6.6%
$20,000 to $25,000	8.7%
$25,000 to $30,000	9.7%
$30,000 to $40,000	10.0%
$40,000 to $50,000	10.6%
$50,000 to $75,000	11.6%
$75,000 to $100,000	12.3%
$100,000 to $200,000	16.3%
$200,000 to $500,000	24.6%
$500,000 to $1,000,000	28.8%
$1,000,000 to $1,500,000	29.4%
$1,500,000 to $2,000,000	29.6%
$2,000,000 to $5,000,000	29.7%
$5,000,000 to $10,000,000	29.1%
$10,000,000 or more	26.3%
Average	17.8%

Source: IRS Publication 1304 for 2009, Table 1.1

Warren Buffett started it by saying this in the NY Times:

"...Blessings are showered upon [the super-rich] by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places. 

Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.

My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice."

via mjperry.blogspot.com

Berk: Read the rest - it's worth it...."It's as though Warren Buffett and Obama made their numbers up.