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Defining the Buffett Tax

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  • Description

    FBN’s Stuart Varney sounds off on reports about the tax on America’s wealthiest.

  • Duration 1:35
  • Date

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This transcript is automatically generated

You know nothing makes me more angry than misleading information put out by a reputable news -- so here's my take on the Buffett rule as reported by a new -- based radio network which shall be nameless.

-- on -- -- home yesterday as usual I'm listening to all news radio.

The host introduces a report on president Obama's speech and says quote.

The Buffett rule would force millionaire has to pay the same tax rate as the middle class.

That is flat out wrong.

If you -- a million dollars you pay 35% on every taxable -- up above 379000.

You walk already paying a much higher rate than a middle class middle income and -- period you off.

I called my accountant and he checked the official tax schedules.

That radio station got the Buffett rule report did it wrong and that misleading report went out to stations all across the country.

What's on suspect it was deliberately misleading.

There is a strong liberal bias in the media.

They want President Obama reelected.

They don't come mountains -- -- state that preference know they don't do that they saw -- -- that coverage than misleading reporting on the Buffett rule is a case in point.

So let's be clear.

The top 1% of income -- pays nearly 40% of all federal income tax revenue.

I'd say that's more than a fashion -- And -- -- do already pay a higher income tax rate from the middle class that is accurate.

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