So much for the myth that the ultra-rich pay the highest tax rate:

Buffett*offers Clinton economic policy advice - Jun. 27, 2007

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When they come a wull staun ma groon
Staun ma groon al nae be afraid
Thoughts awe hame tak awa ma fear
Sweat an bluid hide ma veil awe tears

When Mr. Buffett speaks of paying a rate of 17.7, I wonder if he is talking about after his final deductions. According to the IRS, the rate for $349,700 or more is $101,469.25 plus 35% of the amount over $349,700.

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"Life should NOT be a journey to the grave with the intention of arriving safely in an attractive and well preserved body, but rather to skid in sideways - Chardonnay in one hand - chocolate in the other - body thoroughly used up, totally worn out, and screaming "WOO HOO, What a Ride!"

Yeah, I think it's because of the extra creative accounting he gets to use.

Interesting that he's betting $1MM on it. He seems like the kind of guy who would pay it, too.

__________________
When they come a wull staun ma groon
Staun ma groon al nae be afraid
Thoughts awe hame tak awa ma fear
Sweat an bluid hide ma veil awe tears

Buffet, like any major investor, prefers capital gains for income purposes. Anything above 15% is probably a result of his currency market trades. The secretary and others he mentions are on salaries/bonuses subject to income tax scales.

He may pay a lower percentage rate, but with an income of $46M the actual tax dollars do add up when compared to a whole flock of middle class taxpayers.