Quote:
Obama didn't say that secretaries pay higher taxes than millionaires, although he left that impression
Now does a secretary usually pay higher tax rates than a millionaire?
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I believe Obama and Buffet have said that a secrcetary pays a higher
effective tax rate than a millionaire. Effective tax rate is the amount of
tax dollars actually paid, as a percentage of
all income. Secretaries can't afford the deductions or investments (the returns on which are taxed at a lower rate) that a millionaire can.