17% tax = $6 Bill.

[RACER X]

http://www.click2houston.com/money/29463296/detail.html

Buffett Made $62,855,038 Last Year

POSTED: Wednesday, October 12, 2011
UPDATED: 3:18 pm CDT October 12, 2011

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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.

In his letter, Buffett also repeated his offer to release his full tax return if other super-wealthy taxpayers -- like News Corp. chief Rupert Murdoch -- did the same.

"If you could get other ultra-rich Americans to publish their returns along with mine, that would be very useful to the tax dialogue and intelligent reform," Buffett wrote.

Buffett, chairman of Berkshire Hathaway, also aimed to dispel any doubts that he has not been recounting his income figures accurately.

If other wealthy taxpayers offered to release their returns, Buffett said, he would agree to "a pre-release wager" with anyone for any sum "that the figures in my return will be exactly those used in my op-ed piece."

After the release of the letters, Huelskamp said that Buffett's disclosure, while it may be accurate, is incomplete.

"By sheltering millions of dollars of income from taxation through charitable giving, Mr. Buffett demonstrates that he doesn't trust Washington with his own money either," Huelskamp told CNNMoney.

Huelskamp originally asked Buffett to release his federal tax return because "it is my firm belief that if your name is lent to a national policy and your story the justification for a major overhaul of the tax code, then the American people have a right to see the evidence guiding that policy."

The rule would ensure that people making more than $1 million pay a higher percentage of their income in federal income and payroll taxes than those who make less.

That would be a lot less straightforward than it sounds, however.

And just in terms of averages, the current tax system already satisfies the Buffett Rule. Americans on average pay 16% of their total income in federal income and payroll taxes, while millionaires pay an average of 20.1%, according to the Tax Policy Center.

--CNNMoney's Poppy Harlow contributed reporting to this article.

[pauldun170]

Too many fucking numbers in this thread.
Damn you Asians and your math.

[RACER X]

check out singapore math, thats what they're teaching at aprils school.

[Tmall]

"By sheltering millions of dollars of income from taxation through charitable giving, Mr. Buffett demonstrates that he doesn't trust Washington with his own money either," Huelskamp told CNNMoney.

Somebody should shoot this guy in the face for wasting our oxygen to try and spin it like that.

[Particle Man]

I can't even wrap my head around a fraction of $63M in annual income...

[askmrjesus]

Originally Posted by Particle Man

I can't even wrap my head around a fraction of $63M in annual income...

Me either.

But I'm willing to try.

JC

[Homeslice]

"By sheltering millions of dollars of income from taxation through charitable giving, Mr. Buffett demonstrates that he doesn't trust Washington with his own money either," Huelskamp told CNNMoney.

So, either he thinks Buffett should stop donating, or should give all that money to Washington for them to decide where to donate it

Just googled Huelskamp.......rep in Kansas.......not too bright in Kansas, eh?

[goof2]

Originally Posted by Homeslice

So, either he thinks Buffett should stop donating, or should give all that money to Washington for them to decide where to donate it

Just googled Huelskamp.......rep in Kansas.......not too bright in Kansas, eh?

If he thinks the Government is an effective place for his money to go, which is a safe assumption since he is arguing that they should be taking much more of it, why does he 1) donate a significant portion of his money elsewhere and 2) use those donations to reduce his payments to the government?

[fujimoh]

Originally Posted by goof2

If he thinks the Government is an effective place for his money to go, which is a safe assumption since he is arguing that they should be taking much more of it, why does he 1) donate a significant portion of his money elsewhere and 2) use those donations to reduce his payments to the government?

And if he truly thinks he is not paying his fair share, and for what it's worth, for anyone who thinks they aren't paying their fair share, they can stroke a check to;

Bureau of the Public Debt
ATTN: Department G
P.O. Box 2188
Parkersburg, WV 26106-2188

They will take any amount you want to donate to help pay off the Federal Debt

[Smittie61984]

Originally Posted by RACER X

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.

They're called capital gains taxes which I recall Obama wanting to lower. Though he said for small businesses which is bullshit becuase most small businesses get a 10-99 which is an income tax (and sucks paying). I thought Democrats where the party for the working man. Guess they are for Billionares.

Anyways I can't take much of what Buffett says seriously (unless there is a Jimmy in front of it) becuase he spent his entire life becoming super rich by fucking the tax system/payers and his current companies are fighting and using the tax system to become richer. Why in his 80s did he start giving a fuck? Oh, yeah, he made all the money he'll ever need.

THere is no max to what the IRS will take. You can write a check out to the Department of the Treasury (that's who I make a check out to every month) and they'll gladly accept it. Or write it to me, I'll accept it too.

Regardless this is why we need a consumption tax and not this bullshit income tax. Mainly becuase it is not the government's business when it comes to my money and how much/little I have.