January 29, 2012

The Buffett Ruse

Following is an excerpt from a Wall Street Journal editorial. Full article linked below. I think a lot of the confusion could be cleared up if we went to a flat tax on everyone.


"The Buffett rule is rooted in the fairy tale that taxes on the wealthy are lower than on the middle class. In fact, the Congressional Budget Office notes that the effective income tax rate of the richest 1% is about 29.5% when including all federal taxes such as the distribution of corporate taxes, or about twice the 15.1% paid by middle-class families. (See "How Much the Rich Pay," January 23, 2012.)"

WSJ Editors: The Buffett Ruse

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