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Watching the speech last night, I heard some laughs by the GOP after Barack mentioned Warren Buffet saying the secretary pays more taxes than Buffet. Everyone knows the rich pays more taxes. We all know that. What Barack is saying is that Buffet's secretary pays a higher pecentage of her income than Buffet pays with his.
FACT: making 60k (which is what buffet himself says she makes) puts her in the 15% bracket..and that's based on her ENTIRE 60k being taxed..and we ALL KNOW that is never the case...even single you have the personal exemption, and the standard deduction
buffets states he gets taxed at 17% and that is less than his secretary...fact that is a LIE
there is no disbuting that fact
buffett lied
he said his secretary pays 30% in federal taxes
if she is single/renter (which she is not) this would be the number:
60k gross:
That would give her taxable income of $50,250 ($60,000 less 1 exemption @ $3,400 and a standard deduction of $5,360) and a federal income tax liability of $8,986.25 – $4,386.25 + 25% of the excess over $31,850. So, the secretary’s effective Federal income tax rate is only 15% ($8,986.25 / $60,000). Hmmmm.
so FACT is that she would only be rated at 15% for INCOME...if you want to throw in payroll, (which is not income tax) it still only brings her up to 22%...certainly not the 30% that buffett lied about
other FACTS:we're talking about a married secretary, with a stay-at-home spouse. They file jointly, pay a home mortgage and have two kids under the age of 17. They place about $4,000 in an 401k/IRA(about 76 a week) and itemize $15,000 in deductions. Here the tax picture changes dramatically. Taxable income drops to $27,800 -- the 15 percent tax bracket. With child tax credits, secretary now pays $1,419 in federal taxes, or 2.4 percent of $60,000. Add in another 2 percent for $1,218 in state taxes, and secretary pays a grand total, state and federal, of 4.4 percent on the $60,000-a-year salary.
meanwhile buffett paid over 8 million in taxes
buffett want the rates (for ALL) to be higher,, because it wont effect him, but it will hurt his competition....those are facts
For some reason I find Warren Buffet to be more credible then some internet poster. I wonder why?
You say that, but you give NO hard numbers or facts to back up your argument like he did. Just, "I blindly believe what Warren Buffet says because he's a billionaire lefty."
I'm going with the guy who took the time to back up his statements with evidence.
Forget percentages, which one contributes more DOLLARS, the secretary or Buffet? Politicians, especially on the left, love using "percentages" for taxation, but what really matters is how much revenue each person pays into the system.
For some reason I find Warren Buffet to be more credible then some internet poster. I wonder why?
Why, he's a few million dollars behind on paying his taxes from YEARS ago?
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