Dividends4Life: Higher Tax Rates On Rich Won't Fix US Problems

Higher Tax Rates On Rich Won't Fix US Problems

Posted by D4L | Sunday, September 18, 2011 | | 0 comments »

Writing recently in The New York Times, the famed chairman of Berkshire Hathaway complained that his federal income tax last year was "only 17.4% of my taxable income" — less than $7 million on a taxable income of about $40 million. Buffett claimed that, like himself, other "mega-rich pay income taxes at a rate of 15% on most of their earnings," but that is not at all common. The average income-tax rate of those earning between $1 million and $10 million was 29.5% in 2009.

Warren Buffett is the second wealthiest person in America, but he reports surprisingly little taxable income for someone who owns more than $50 billion of Berkshire shares. Increasing the tax rate on salaries and interest income would barely affect him. He pays himself a salary of just $100,000, which explains how he pays less than his employees do in payroll taxes.

Source: Investors.com

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