Announced today, the president's tax rate is 20.5%, which he goes on to say that he should pay more tax. He claimed income tax deductions for charitable contributions, more than 20%.
I applaud the President for donating so much income to charity.
Mr President, if you want to pay a higher tax rate, use the standard deduction instead of itemizing. You would have had to pay around $250,000 worth of tax on you $750,000 earning instead, getting you a nice 33% tax rate, or roughly the tax rate you paid in prior years.
Same with Buffett. If these guys want to pay extra to the government because they consider their earnings to be...what...ill-gotten? Not deserved? Maybe they just want to feel like they are good people by paying a 33% tax rate instead. Nobody is stopping them from paying what they consider their fair share.
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