2 votes

Warren Buffet's secretary does NOT pay a lower tax rate than Warren Buffet says Peter Schiff

If Berkshire Hathaway earned $100 profit, 35% is taxed at corporate rate (TAX 1: $35), remaining $65 is taxed at capital gains rate of 15% (TAX 2: $9.75). TAX 1 + TAX 2 = $44.75 = 44.75%

http://www.youtube.com/watch?v=4ia1xw2Uhus

And Buffet's 2010 tax return came to 17.4% income tax (referenced by Peter), so it's even higher than the above calculation