He has to pay his effective rate, and we will assume that to be 28% (most investors fall into this rate).

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France has long seen income tax as a mechanism for soaking the rich, who currently pay an effective marginal rate of around 60%.

ECONOMIST: Contradictory France | The

Folks caught in the AMT pay an effective federal gains rate as high as 22%.

FORBES: Death, Taxes and Uncertainty

They can also choose an alternative, called a HECM Saver loan, where they pay much lower fees but can borrow less and may pay a higher effective interest rate.

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Those returns between the bottom 50 percent and the top 25 percent pay an average effective tax rate of only 5.6 percent, accounting for only 11.8 percent of all federal income tax revenue.

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And he went on to talk about a concrete vote the Senate will take in the next few weeks on the so-called Buffett Rule, his principle, named after Warren Buffett, built around the idea that a billionaire should not pay a lower effective tax rate on his income than his secretary.

WHITEHOUSE: Press Briefing

The unions are protesting at pay deals which they say are below the rate of inflation and would mean an effective pay cut for their members.

BBC: Oxfordshire council staff strike

The new report also shows the impact of the Bush-era tax cuts on the effective tax rate higher-income folks pay.

FORBES: Twice As Many Rich Escape U.S. Tax

As I pointed out here, because of the historically low 15% rate on long term capital gains (compared to a top tax rate of 35% for ordinary income, like salary) the 400 highest income Americans now pay a lower effective federal income tax rate than the merely well paid.

FORBES: A Low Tax Rate That Would Have Made Leona Helmsley Proud