Buffett Made $63 Million Last Year, Paid 17% Tax Rate

Details below including a new interview with Buffett on the inequity of the tax system.

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NEW YORK (CNNMoney) -- Billionaire investor Warren Buffett this week showed a little more leg in his campaign to get Congress to raise taxes on the uber-rich.

In a letter to Republican Rep. Tim Huelskamp Tuesday, Buffett revealed that his adjusted gross income last year was $62,855,038 and that his taxable income was $39,814,784. Buffett said he paid $15,300 in payroll taxes.

Buffett also said his federal income tax bill came to $6,923,494, or 17.4% of his taxable income -- two points he revealed in a New York Times op-ed in August urging Congress to tax the wealthy more.

Buffett provided a copy of his correspondence with Huelskamp to CNNMoney's Poppy Harlow.

He said in an interview that the roughly $23 million difference between his AGI and taxable income was due largely to deductions he took for charitable giving and local taxes.

Two key reasons he only paid 17.4%, however, is because a lot of his income came from investments, which are taxed at a lower rate than wages, and because payroll taxes are assessed only on wage income.

"People who make money with money are getting taxed at a far lower rate than people who make money by their own labor," Buffett told CNNMoney.

Continue reading...

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This is a very good short interview with Buffett.

Comments

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Foreclosures continue to plague housing market

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[Texas Dar]

DB, it will neaver happen unless we should get RP, but a flat tax for people, and one for buissnes is the only fair way to pay tax. But it would be fair for all, and that will neaver happen.

What realy Piss'es me off is the ones that pay 1/2, or NO Tax.............."GE"............BUT UNLESS we would get RP in the white Haus, it Aint gona change anytime soon...."OWS"...................!

[Enzo]

First of all, Buffet's income was taxed at the corporate level first before he even got any money. Secondly, there is no law that he MUST take deductions, so he could have not taken those and paid more in taxes. Lastly, Buffet can write a check for $10 billion payable to the US Treasury any time he wants to. Warren Buffet is the biggest hypocrite on the planet. His company still owes $1 billion in back taxes.