She may make a LOT more than that. The 35 percent tax bracket only starts at $379,150.
If she's single, not married filing jointly, or a head of household, her overall tax rate is about 29 percent.
If she's a head of household, or files jointly with a spouse, her overall tax rate is lower.
Still higher than if all her money came from investments in the form of dividends and capital gains, like her boss's income does. But I would expect that the secretary of the world's second richest man wouldn't be peanuts. For Obama and Mr Buffet to hold her up as and example of an average working person is laughable indeed. -Thanks Paul for this analysis
Whatta bunch of bogus baloney with Obama and Warren Buffet putting on a show! They are using HER tax bracket to make a political point and if you buy into it, you are in need of a serious reality check. It's outrageous! If you make $50,000 a year in Ely, you are doing REALLY well.
http://www.politico.com/news/stories/0112/71998.html
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I saw something online that WB's secretary's salary is in the $60,000 per year range. At that salary, she's in the 25 percent marginal tax rate bracket, not the 35.6 he claims.
ReplyDeleteIf she's single and uses the standard deduction, her taxes would be $8,756, or an overall tax rate of about 14.6 percent.
For such a supposedly smart business man, WB is pretty terrible at math. Makes you wonder if he can really read a balance sheet, or if he just throws darts at the wall
I'm a dart-thrower from way back...
ReplyDeleteWB's secretary just bought a second home in AZ. She must not be doing too bad.
ReplyDeletehttp://www.thesmokinggun.com/buster/warren-buffett-secretary-homes-654812