The election is now behind us. I guess it’s safe for me to talk about Warren Buffet’s secretary. In case you’ve been on a deserted island somewhere cut off from all media, Warren Buffet, one of the richest men on earth and a prominent Democrat, caused quite a stir sometime back when he said that his secretary pays a higher percentage of her salary in taxes than he pays. That is because wages are taxed differently than are investments, and wealthy people have a clear advantage in accumulating more wealth because of that inequity. Some people were horrified by his example. Others just shrugged their shoulders and said, “That’s the way capitalism works.”

But now that the election’s over, finally here’s the truth about Mr. Buffett’s secretary: If Mr. Buffett’s secretary is like most of the se…