Thanks to ABC,
we now have a number on the difference between Warren Buffett’s tax
rate, and his secretary’s. Â According to the network, “Bosanek pays a
tax rate of 35.8 percent of income, while Buffett pays a rate at 17.4
percent.”
 What sort of income is implied by a 35.8% tax rate?  A very, very high
one. Â Various commentators have suggested that she must be making north
of $200,000.
Well, it’s clear that we’re not
just talking about federal income taxes, because her claimed taxes are
higher than the top marginal tax rate. Â They’re also higher than the top
effective tax rate, including payroll taxes. Â As far as I can
ascertain, there is no way at all to pay effective federal income
tax–or even effective federal income tax payroll tax–that sums to
35.8%. Â You can–just barely–get a marginal tax rate of 35.8% if she is
making almost exactly the taxable social security limit of $110,000.
 This is not vast riches, though of course, it is also not the sort of
income most people are thinking about when they hear that Warren Buffet
pays more in taxes than his secretary.
