Buffett: Billionaire’s Tax Rate: 17.4%
Billionaire Warren Buffett has revealed how much money he made last year….and how much he paid in taxes. After making more than $66 million, he paid under $7 million in taxes….a tax rate of 17.4%.
In a New York Times opinion piece this summer, Buffett claimed the tax rate was too low compared to middle-income wage earners. Buffett is the worlds third richest person, with a net worth of $39 billion . As President Obama and Congress struggle to control the federal debt, Buffett has become a symbol of the inequities of our tax system. Buffet was quoted as saying on PBS: “There has been class warfare going on. It’s just that my class is winning. And my class isn’t just winning, I mean we;’re killing them.” The rich get richer….when does it stop?