Spread The Wealth???

Warren Buffett, the rich guy who claims, and Obama trumpets, that his secretary pays a higher tax rate then he does...it's called the Buffet Rule. The Buffett Rule is a false premise. When Warren Buffett and Barack Obama tout this fallacy they purposely don't tell the rest of the story. Buffett's secretary's tax rate is based on a salary she receives working for Mr. Buffett. Buffett, on the other hand, earns his income through capital gains from stock he owns in business. By law he pays a 15 percent rate on those gains. Thus he claims paying less than his secretary. However, before he realizes those gains, the businesses he invests in pay a corporate tax rate of 35 percent. So, in fact, Buffett pays 50 percent on the income he earns. Obama and Buffett are hypocrites for chastising Mitt Romney for paying a low tax rate when he, in fact, earns his money exactly as Warren Buffett does. To be fair, neither Buffett or Romney is doing anything wrong or breaking any law. It's simply how the tax system is structured.

So who pays the most taxes in this country? As the graph below, courtesy of the Heritage Foundation with stats from the Tax Foundation and IRS shows, the top 10 percent of earners in this country pay 70 percent of  federal income taxes. These are also the job creators in the country.