To clarify, Buffet pays a lower tax rate, of around 17%. From http://www.politifact.com/truth-o-meter/article/2011/sep/21/does-secretary-pay-higher-taxes-milli

To clarify, Buffet pays a lower tax rate, of around 17%. From http://www.politifact.com/truth-o-meter/article/2011/sep/21/does-secretary-pay-higher-taxes-millionaire/ http://www.politifact.com/truth-o-meter/article/2011/sep/21/... * Buffett said that his taxes amounted to "only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent."