Skip to main content

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!

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.

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.

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Sylv, Chi, Odysseus, JeffLieber, bosdcla14, Emerson, Eman, jazzizbest, LynChi, chuco35, celdd, eeff, dsb, HootieMcBoob, x, kissfan, concernedamerican, bronte17, missLotus, Wee Mama, annrose, CoolOnion, KMc, mrblifil, pedrito, jennifree2bme, itskevin, poe, jalbert, Dreggas, Quege, Texknight, danthrax, ManhattanMan, pat bunny, wdrath, defluxion10, Tillie630, lcrp, AllisonInSeattle, Vicky, tomjones, Sybil Liberty, sebastianguy99, sb, ExStr8, Bluesee, democracy inaction, PBen, ChemBob, Gary Norton, Sun Tzu, jimstaro, Inland, Phil S 33, RichterScale, Isara, minidriver, peacestpete, Snud, Reality Bites Back, Mother Mags, martini, Showman, Medium Head Boy, Kingsmeg, vigilant meerkat, edwardssl, Ky DEM, Russgirl, victoria2dc, Hear Our Voices, sleipner, Shakludanto, gpoutney, gooderservice, Crashing Vor, NearlyNormal, MarciaJ720, commonsenseseeker, Statusquomustgo, Johnathan Ivan, kml, krwheaton, timewarp, tgypsy, grelinda, ColoTim, HeartlandLiberal, klondike, HCKAD, second gen, SeaTurtle, Sarea, GeorgeXVIII, spearfish, sable, TomP, VA Breeze, mconvente, Mr SeeMore, ScottyUrb, Involuntary Exile, Laughing Vergil, ajr111240, Its any one guess, jamess, monkeybrainpolitics, Lujane, Cassandra Waites, madame damnable, Jeff Y, alnep, glendaw271, petulans, Ann Marie Brenda, BYw, dmhlt 66, enufisenuf, Sarah Ann, JBL55, Bule Betawi, J M F, greengemini, Scott Wooledge, cantelow, Hope08, banjolele, be the change you seek, LeftOfYou, BlueInRedCincy, virginwoolf, kravitz, MKSinSA, Keith Pickering, jfromga, smileycreek, Vacationland, catwho, kjoftherock, secret38b, citizen31, sunny skies, womankind, pixxer, ItsSimpleSimon, DiegoUK, roystah, ericlewis0, science nerd, Hill Jill, sostos, La Gitane, xylonjay, UtahLibrul, mrsgoo, marleycat, Cinnamon, Cinnamon Rollover, IllanoyGal, BarackStarObama, evilgalblues, antooo, jham710, googie, DEMonrat ankle biter, YaNevaNo, hulibow, yawnimawke, justme2122, clubbing guy, AZ Independent, RhodaA, TheLizardKing, docrocktex, S F Hippie, AnnieR, a2nite, qannabbos, james321, Marjmar, mumtaznepal, BobTheHappyDinosaur, Fracturedchaos, Blue Dream

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site