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Buffet Secretary Is Rich By Obama Standard

From Forbes magazine:

Warren Buffett’s Secretary Likely Makes Between $200,000 And $500,000/Year

Paul Roderick Gregory

… Insofar as Buffet (like Mitt Romney) earns income primarily from capital gains, which are taxed at 15 percent (and according to Obama need to be raised for reasons of fairness), we need to determine how much income a taxpayer like Bosanek must earn in order to pay an average tax rate above fifteen percent. This is easy to do.

The IRS publishes detailed tax tables by income level. The latest results are for 2009. They show that taxpayers earning an adjusted gross income between $100,000 and $200,000 pay an average rate of twelve percent. This is below Buffet’s rate; so she must earn more than that. Taxpayers earning adjusted gross incomes of $200,000 to $500,000, pay an average tax rate of nineteen percent. Therefore Buffet must pay Debbie Bosanke [sic] a salary above two hundred thousand.

We must wait for further details to learn how much more than $200,000 she earns. The tax tables tell us about average ranges. For all we know she earns closer to a half million each year, but that is pure speculation

In other words, this reporter doesn’t know how much Ms. Bosanek makes. But in order for her to pay a federal income tax rate higher than Buffet’s 15% capital gains rate, she must have an adjusted gross income above $200,000. So her salary could be anything above that number.

But this article should point out that Mr. Obama calls individuals who make over $200,000 ‘rich,’ and he wants to raise their taxes. And, in fact, in New York State and other places, Ms. Bosanek would already have to pay a ‘millionaire’s tax’ surcharge.

So, if she is rich, why shouldn’t she have to pay the same thing or higher than millionaires and billionaires? Why shouldn’t she be punished?

This article was posted by Steve on Thursday, January 26th, 2012. Comments are currently closed.

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