17% tax = $6 Bill.

RACER X · 10-12-2011, 05:47 PM

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 · 10-12-2011, 05:50 PM

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

RACER X · 10-12-2011, 05:54 PM

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

Tmall · 10-12-2011, 05:59 PM

"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.

EpyonXero · 10-13-2011, 07:29 AM

Quote:

Originally Posted by 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.

This.

So if we eliminate taxes we can just let people "donate" their money to the services they want? Cant wait to see the Army and Centers for Disease Control holding fund raisers.

pauldun170 · 10-13-2011, 11:02 AM

Quote:

Originally Posted by EpyonXero

This.

So if we eliminate taxes we can just let people "donate" their money to the services they want? Cant wait to see the Army and Centers for Disease Control holding fund raisers.

We have a little bit of experience with that.

askmrjesus · 10-13-2011, 11:14 AM

Quote:

Originally Posted by EpyonXero

Centers for Disease Control holding fund raiser.

Worst bake sale ever.

JC

Particle Man · 10-12-2011, 06:04 PM

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

askmrjesus · 10-12-2011, 06:07 PM

Quote:

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 · 10-12-2011, 06:28 PM

Quote:

"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?

10-12-2011, 05:47 PM	#1
RACER X AMA Supersport Join Date: Nov 2008 Location: Richmond, Tx Moto: '10 Tuono Factory Posts: 4,569	17% tax = $6 Bill. 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 EmailPrint Stock Xchng 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. __________________ ΜΟΛΩΝ ΛΑΒΕ 2014 GROM! 181cc of FURY 2010 Aprilia Tuono Factory - SOLD 2009 SFV Gladius - SOLD 2008 Hayabusa - SOLD.

10-12-2011, 05:54 PM	#3
RACER X AMA Supersport Join Date: Nov 2008 Location: Richmond, Tx Moto: '10 Tuono Factory Posts: 4,569	check out singapore math, thats what they're teaching at aprils school. __________________ ΜΟΛΩΝ ΛΑΒΕ 2014 GROM! 181cc of FURY 2010 Aprilia Tuono Factory - SOLD 2009 SFV Gladius - SOLD 2008 Hayabusa - SOLD.

10-12-2011, 06:04 PM	#8
Particle Man Custom User Title Join Date: Nov 2008 Location: Central NY Moto: 2003 SV650S Posts: 14,959	I can't even wrap my head around a fraction of $63M in annual income... __________________ I'm not "fat." I'm "Enlarged to show texture." Handle every stressful situation like a DOG: If you can't eat it or hump it, pi$$ on it & walk away.

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10-12-2011, 05:59 PM	#4
Tmall Aspiring Rapper Join Date: Nov 2008 Location: Halifax, NS Moto: '12 CB1000R Posts: 3,569	"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.