Warren Buffett just told us again that taxes should be raised on people like him. Here are his words, from the New York Times. "Last year my federal tax bill - the income tax I paid, as well as payroll taxes paid by me and on my behalf - was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income - and that's actually a lower percentage than was paid by any of the other 20 people in our office." The math says his taxable income was $39,877,839. Let's go to the IRS tables. Mr. Buffett is in the highest group listed: those with incomes over $10 million. There were 8,274 such tax filers in 2009. That is the top 0.006% of all tax filers. The average federal income tax for filers in that group was 26.3%, well over the 17.4% Mr. Buffett paid. Moreover, Mr. Buffett included payroll taxes when calculating his 17.4%, so his income tax rate was....
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