" The issue arises out of the fact that while Buffett, who has a net worth of $138 billion per the Bloomberg Billionaire's Index, pays a higher share of federal income tax, Bosanek pays a higher share of her income in social security taxes than Buffett does.

In 2024, the social security tax rate for employees is 7.65%—the same as the year prior—and self-employed individuals pay 15.3%.

Social security also has a maximum taxability ceiling of $168,000, meaning individuals earning significantly more don't pay a higher proportion than those below the threshold.

Studies have also highlighted that federal income tax rates aren't as equitable as they may appear at first glance.

Last year, the Internal Revenue Service (IRS) released data on the average federal income tax paid per income percentile. The top 1%, for example, paid 26% of their income in federal tax, while the top 5% paid 22.4%. This ratio decreases the further one goes down the income percentiles, with the bottom 50% paying 3.1% in tax."

https://www.msn.com/en-us/money/markets/jamie-dimo...

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