Buffet's rate may not, but low taxes definitely apply. The average tax rate for the top .1% (140K filers) is actually lower than for the rest of the top 1%, as I've shown many times, apparently in vain.Mr. Buffet's low tax rate applies to only a very few taxpayers in a verty specific industry and is not applicable in any way to "rich people" as a whole.
Just when we'd think that taxes would become progressive, on incomes >$2M, they're actually regressive, becoming increasingly so as income goes up from there. The top 400 filers only paid a little over 17% in 2006, probably even less in 2009-
Notice that their rates fell by a full third since 1992, and their incomes skyrocketed at the same time...
Their average income rose by $81M in 2007- tell me they weren't getting fat off the housing bubble...