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View Diary: False Prophet Slobbering: Buffett The Fox in The Chicken Coop (198 comments)

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  •  He is counting all taxes... (0+ / 0-)

    6% Social security
    1.45% Medicare

    Not just the marginal income tax rate.

    You can't tell if he includes state taxes.

    •  Why? (0+ / 0-)

      We're only talking income tax here, not payroll deductions. That's apples to cucumbers. Why, then, leave out sales tax, estate tax, capital gains tax, etc.?

      'canter' is a horse's gait - 'cantor' is a horse's ass. - GayIthacan

      by qannabbos on Mon Aug 15, 2011 at 04:11:34 PM PDT

      [ Parent ]

      •  Because those aren't taken out of your check. (0+ / 0-)

        Most people don't differentiate what each kind of tax taken out of their check is, they look at the Gross Pay and the Net Pay and everything else is "taxes they took out of my check".

        They don't take sales tax out of your check.

        "The President and his administration have the job of, among other things, promoting the general welfare of the country, and that is simply not happening." - deweydog

        by Rick Aucoin on Mon Aug 15, 2011 at 07:11:12 PM PDT

        [ Parent ]

      •  Going by Buffet's writing (1+ / 0-)
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        He mentions specifically that the wealthy pay next to nothing in payroll taxes in describing the discrepancy between his taxes and his employees.  The cap on social security turns 6% at 100k into .6% at 1,000k.  That is presuming any income of the super wealthy is counted as salary. And he is counting capital gains taxes. He skips estate taxes, true. Sales tax is a state thing, that while important and generally regressive does not apply when talking about the federal budget.

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