Jarhead
Gold Member
- Jan 11, 2010
- 20,670
- 2,378
- 245
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 the first $106,800 of wages.
"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.
Warren Buffett made $62,855,038 last year - Oct. 12, 2011
1. Are you supporting the idea of raising capital gains taxes?
2. Do you realize that the money invested in stocks has already been taxed when generated from earnings....and will now be taxed a second time when an investment profit is realized?
Do you realize that the people who enjoy millions of earnings in this country are riding the backs of ordinary people who can't even find a job? When and where did this feeling of entitlement by the richest 1% come from? Tax rates for the wealthy are at the lowest rate in 50 years. Pay your part or get the fuck out! You might try moving to Maylasia or that Central American country where the company you're invested in is located.
please do me a favor and explain what you mean by this (in red)....exactly how are the wealthiest riding the backs of the ordinary people?