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When Buffett published his high profile New York Times op-ed last week, he offered the example of his own low tax rate, 17.4 percent of his taxable income, compared with the average rate of 36 percent for the other twenty people in his office.
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The remaining 50 cents of the distribution would be taxable at your income tax rate.
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Studies generally show that a 1% increase in the marginal tax rate reduced taxable income by 0.1-0.4%, though sometimes and in some places it may be higher.
ECONOMIST: Taxing the wealthy
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The marginal tax rate is the rate paid on the taxable income, in the highest tax bracket.
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In particular, the 35-percent top rate began at the same level of taxable income for joint, single, and head of household filers.
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They implicitly assume that changes in the taxable income of rich and poor are influenced only by tax-rate changes.
ECONOMIST: How much do high-income people respond to tax changes?
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Companies should be allowed to deduct dividend payments from their taxable income just like interest payments are deductible, and there should be one flat tax rate for interest and dividend income.
FORBES: Tax Code Rewards Debt, Penalizes Dividends
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Their central estimate is that the taxable income elasticity for this group is 0.46, which implies a revenue-maximizing tax rate on earned income of 56%.29 This in turn (accounting for NICs and indirect taxes) corresponds to an income tax rate of 40%.
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In a taxable account, net long-term capital gains are taxed at a rate lower than the ordinary income-tax rate for withdrawals from tax-deferred retirement plans.
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It's complex because it's difficult to measure our taxable income and that is a problem regardless of whether or not you use progressive marginal rates or a single flat rate.
BBC: Republicans 2012: Rick Perry unveils flat tax plan
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Studying America's 1986 Tax Reform Act, which lowered the top marginal rate from 50% to 28%, Martin Feldstein, a Harvard economist, found that taxable income among high earners adjusted, dollar-for-dollar, with tax rates.
ECONOMIST: Taxing the wealthy