According to David Levine
, former chief economist for the investment-management firm Sanford C. Berstein, the average American taxpayer pays a 15 percent marginal tax plus his payroll tax. In sum, its about 27.9 percent. Levine is taxed at 28 percent and like Warren Buffett, who has made similar demands for higher rates, Levine earns six figures a year. Supporting the "income effect" - tax higher and people will continue to work, Levine argues that tax rates should increase.
See Ezra Klein, "A Rich Guy's Case For (Much) Higher Taxes
", The Washington Post, (April 17, 2012)
Posted by Myriam Clerge
, Associate Editor, Wealth Strategies Journal