Friday, April 13, 2012

Somebody's lying about somebody's taxes!

Hmmm... The White House is now claiming that the president's secretary had a HIGHER effective tax rate than the president, but that doesn't fit the facts. According to ABC News, his secretary "pays a slightly higher rate." His secretary "makes $95,000", supposedly. I checked with IRS Form 1040EZ, which is the worst possible scenario (no itemized deductions, mortgage interest, or charitable contributions or any of that) and came up with an effective tax rate of 18.5%, which is certainly BELOW the president's rate of 20.5%. Somebody is LYING here!
And as I pointed out earlier, the president's rate is as low as it is precisely because he has a boatload of charitable contribution deductions. If we believe that charitable contributions are a great value to society, that should be a GOOD thing, and would justify a lower tax rate.
But the big revelation and scandal here is that WE, the taxpayers, are paying $95,000 for a SECRETARY! Oh, right, they probably got her from GSA, those guys. Hmmm... I wonder how much Buffett pays his secretary.


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