“Buffet’s memo shows that federal revenue goes up as you lower tax rates, which still says the wealthy pay more tax than us little people do.”
Funny, I seem to recall Buffet saying more money in the hands of private investers won’t grow the economy. And it wasn’t just that they’d have little effect or a negligible effect. He literally said they’d have no effect. Which goes to show you how stupid Buffet thinks we are.
“Since 1992, the I.R.S. has compiled data from the returns of the 400 Americans reporting the largest income. In 1992, the top 400 had aggregate taxable income of $16.9 billion and paid federal taxes of 29.2 percent on that sum. In 2008, the aggregate income of the highest 400 had soared to $90.9 billion — a staggering $227.4 million on average — but the rate paid had fallen to 21.5 percent.”
According to Mr. Buffett, lowering the tax rate increases the federal revenue from taxes. He does not state that, but presents clear data showing that!