During the State of the Union address this week, President Obama made a central point of asserting that the rich do not pay their fair share in taxes in this country. His proof? Warren Buffett’s secretary, Debbie Bosanek, who had a place of honor sitting with Michelle Obama during the speech. Obama asserted that Bosanke actually pays more in taxes than her boss. Buffett, an investor, has most of his income taxed at the 15% capital gains rate. But the capital gains tax is that low for a reason: investing is no sure thing. There is always a risk for major losses in investing, and taxing investment returns at a much higher rate would be an enormous disincentive from an already risky proposition.

But this raises an interesting question: What would Bosanek’s income have to be to exceed her boss’s ~15% tax rate? Forbes wondered this as well, and found that her most likely income is anywhere between $200,000 and $500,000. I don’t begrudge her this income. In fact, I’d guess that it’s no small task to manage the affairs of one of the richest men on the planet. But with an annual income that rests comfortably in six figures, she’s hardly the symbol of social injustice that the President would like to portray her as. In fact, it’s being recently reported that Ms. Bosanek was just able to buy herself a second home (complete with a swimming pool and putting green!). It sure looks like the American tax system has really given her a raw deal.