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CNN has just reported that Warren Buffet has just released his tax return for 2010.  He only payed 17.4% in taxes after having made $62,855,038 last year.  Gulp!

http://money.cnn.com/...

Update #1:  Report just came out that shows 1 out of 4 people who make over a million dollars pay less taxes than the middle class.

http://www.washingtonpost.com/...

A quarter of millionaires in the United States pay a smaller share of their income in federal taxes than many middle-class families, according to a new congressional analysis that offers fresh support for President Obama’s push to raise taxes on the nation’s wealthiest households
.

Wow!  Buffett is not kidding.  He is a mega-billionaire yet payed LESS than any middle class family payed in taxes as a percentage.

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.

What is extremely upsetting is that he only payed about $15,000 in payroll taxes.  Damn.

Buffett said he paid $15,300 in payroll taxes.

Originally posted to Drdemocrat on Wed Oct 12, 2011 at 10:11 AM PDT.

Also republished by ClassWarfare Newsletter: WallStreet VS Working Class Global Occupy movement.

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