Buffet and Secretary Take Their Act On The Road

Warren Buffet and his secretary going on a press tour to help  Barack Obama sell the country on the "Buffet rule"

Buffett’s secretary since 1993, Debbie Bosanek, sat next to her boss just hours after being invited by the president to the State of the Union address, where the president made her the face of tax inequality in America.

Bosanek pays a tax rate of 35.8 percent of income, while Buffett pays a rate at 17.4 percent.

“I just feel like an average citizen. I represent the average citizen who needs a voice,” said Bosanek. “Everybody in our office is paying a higher tax rate than Warren.”

During Tuesday night’s State of the Union address, President Obama, for the first time, put a minimum percentage figure on the amount of taxes the ultra-rich should pay – 30 percent – an idea that has been referred to as the “Buffett rule.”

“The question is what is fair when you have to raise multi-trillions to fund the United States of America,” said Buffett. ”[Raising taxes] will not change my behavior. I have paid all different kinds of rates and I’ve always been interested in making money. I believe this should be a defining issue. Debbie works just as hard as I do and she pays twice the rate I do.”

 Of course this is not true.  Buffett's income is mostly capital gains, which means it was already taxed when Buffett first made the money that he used to invest.  Then it was taxed at the corporate level  when the companies he invested in earned the income. Finally it was taxed as capital gains, so the tax rate nonsense true, but not true.

Finally there is no truth to the rumor that the next move in the president's war on rich people is to force anyone making over $250,000/Year pin the patch below on their clothing (but based on his speech yesterday, it does seem like the next logical step.