The Hill News

Middle class Americans are struggling daily to find jobs, pay their mortgages, send their kids to college and keep food on the table. Meanwhile, the ultra-rich are reaping benefits unavailable to the rest of us. No wonder middle class taxpayers have long felt that our tax system is rigged against them.  Frankly, it is.

Even billionaire Warren Buffett expressed dismay that his secretary’s effective tax rate was higher than his. In 2010, Debbie Bosanek, Buffett’s secretary in Omaha, Nebraska, paid a tax rate of nearly 36 percent while her boss, who earned $62 million that year, paid a rate roughly half that â€" 17.4 percent. That’s no surprise to multi-millionaire hedge fund managers who pay a tax rate of just 15 percent on their earnings.

Read more...