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.