Monday, September 19, 2011

Richer people pays less tax

Warren Buffett’s Taxes

In an article, the 81-year-old chairman and chief executive officer of Berkshire Hathaway Inc. (BRK/A) said his federal tax bill in year 2010, or the income tax he paid and payroll taxes paid by him and on his behalf, was $6,938,744.

“That sounds like a lot of money,” Buffett wrote. “But what I paid was only 17.4 percent of my taxable income -- and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.”

Source: http://www.bloomberg.com/news/2011-09-18/obama-said-to-adopt-buffett-idea-for-new-tax-on-mega-rich-.html