Thank you Judy for forwarding the whole article and encouraging reader integrity on what the article really said.
And, thank you Nabby? for sending the link to the Wall Street protest. Loved seeing it. ________________________________ From: authfriend <jst...@panix.com> To: FairfieldLife@yahoogroups.com Sent: Tuesday, September 20, 2011 10:07 PM Subject: [FairfieldLife] Re: US protesters rally to occupy Wall Street --- In FairfieldLife@yahoogroups.com, "richardwillytexwilliams" <willytex@...> wrote: > > Bhairitu: > > And millionaires are whining today about Obama's > > plan to tax the rich more. > > > And, anyone that can add is laughing at Obama's plan > to 'tax the rich'! > > "In terms of averages, the current tax system already > satisfies the Buffett Rule. Americans on average pay > 16% of their total income in federal income and payroll > taxes, while millionaires pay an average of 20.1%, > according to the Tax Policy Center..." Here's the rest of that section, which Willytex carefully left out: "But averages mask the Buffett phenomenon. (See why some millionaires end up owing no tax at all) "For most people, wages make up a majority of their income, so when they get a raise their average tax rate may go up, said Diane Lim Rogers, chief economist at the Concord Coalition, a deficit watchdog group. "But millionaires typically have several sources of income -- some taxed at lower rates than others, if at all. So it's entirely possible that their effective tax rate can fall as their income goes up if they start to get less money from wages and more from, say, tax-preferred or tax-free investments." > > 'Buffett Rule: Not so simple' > CNN Money: > http://tinyurl.com/3jypgcf >
