That still doesn't explain it. Payroll tax is only 6.2%
the income tax I paid, as well as payroll taxes paid by me and on my behalf
Ok, so now we're accounted for 8.4 to 12.4% but, again, that's actually too much because of the cap-out at $106k. So let's just assume 10% is payroll tax, even though that's probably way too high. Still need to find another 25%. That's
crazy. Not to mention, it is completely dishonest to add in all payroll taxes to the secretary's rate, but not add any corporate taxes to Warren's. McArdle points this out in The Atlantic:
The problem is that if we impute the employer half of the payroll taxes to her, then we should impute corporate income taxes to Warren Buffet, at which point he has nothing like a 17.4% effective tax rate; more like a 40+% tax rate.
This is grossly dishonest. Buffett and Obama know better. They think the American people are too stupid to figure this out.