Warren Buffett's Very Strange Tax Argument

``given the qualifications that Buffett uses he's correct: by including only federal personal income tax and payroll taxes his average tax rate is that 17.4%. But where he's made the queen disappear in this game of three card monte is in his ignoring the effect of the corporate income tax on his dividends. They're taxed at the corporate level before they're distributed, giving an average tax rate of more like 50% than the 17.4% he's quoting.''