Buffett's Bunk

Now that Mitt Romney has released his tax returns, his effective federal tax rate of approximately 15% is being trumpeted by those on the left as "Exhibit A" in support of Warren Buffett's assertion, in his recent op-ed piece in the New York Times, that his federal tax rate of 17.4% is 18.6 percentage points less than the average rate paid by the workers in his office.  In actuality, Buffett's assertion is a gross and deliberate misrepresentation of the facts and simply cannot go unchallenged. The primary flaw in Buffett's federal income tax rate "comparison" is that he includes in it Social Security taxes (including Social Security taxes paid by both employee and employer) and federal income taxes.  Social Security taxes and federal income taxes are two totally different taxing mechanisms, in place for totally different societal purposes.  To combine them into one "federal tax rate" is an analytical sleight of hand that cannot withstand the bright light of logical and...(Read Full Article)

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