If Warren Buffett made his money from ordinary income rather than capital gains, his tax rate would be a lot higher than his secretary’s. In fact a very small percentage of people in this country pay a big chunk of the taxes.

Bloomberg is pointing to a structural feature of the U.S. tax code: investment income (capital gains) is often taxed at lower rates than wages and salaries (ordinary income). Using Warren Buffett’s widely discussed comparison to his secretary’s tax burden, he argues that the headline “rich pay lower rates” can hinge on how income is classified, not merely how much is earned. The second sentence shifts from rates to distribution, asserting that a relatively small share of taxpayers contributes a disproportionately large share of total tax revenue. Together, the lines frame a debate about fairness: whether the system should prioritize equalizing effective rates across income types or emphasize that high earners already fund much of the tax base.