Posted on 10/11/2016 3:22:26 PM PDT by CruiseMates
Warren Buffett is fond of saying his tax rate is lower than his secretarys. He does not publicize his tax returns, but for the tax year 2010, he paid $6.9 million on taxable income of $39.8 million, according to partial disclosures he made in 2011.
What is astounding about those numbers is not the 17.3% tax rate, but that Buffetts $39.8 million of taxable income is only about 0.05% of his reported net worth ($71 billion according to Forbes, which put him third on its list of the 400 wealthiest people in the world for 2015).
(Excerpt) Read more at barrons.com ...
Headline is terribly misleading— “income” and “net worth” are very, very different things.
Income is not net worth......
And you shouldn't alter the title.....aside from your error.
Conservatives should boycott every part of Buffett’s empire at every opportunity.
Please do not alter the title. It makes Search not work and results in duplicate postings. Thanks.
posted these yesterday:
Warren Buffetts Nifty Tax Loophole
Warren Buffett has backed higher individual tax rateswhile ensuring that his vast wealth in Berkshire Hathaway is almost immune.
http://www.barrons.com/articles/warren-buffetts-nifty-tax-loophole-1428726092
Warren Buffetts Berkshire Hathaway Owes Taxes Going Back To 2002
http://www.huffingtonpost.com/2011/08/29/warren-buffett-taxes-berkshire-hathaway_n_941099.html
Buffetts Billions Cant Buy Him Exemption From His Tax-Averse Past
Warren Buffetts Tax Whopper
Obamas business front man finances corporate deserters.
http://www.wsj.com/articles/warren-buffetts-tax-whopper-1409095917
How do we know that?
If I understand Buffet’s scam correctly, basically the value of his stock is so high because he doesn’t distribute many dividends or capital gains brought in by the underlying assets which are held in his shares - thus he doesn’t have to pay taxes on that income and it is built up instead in the value of his shares - pretty slick - he could certainly pay lots more if he were really concerned about “fairness” in the tax code......
I think Buffet also purchases tax-free municipal bonds.....as per their name, no tax is due.
A net worth of $71 billion? Wow.
Yes of course - the scam is he locks up the value of his assets in the price of his stock - Berkshire-Hathaway climbs into the thousands of dollars per share range and everybody says he must be a financial genius - he cashes out behind advantages such as the evil Donald Trump used - loss carryovers and depreciation deductions and pays the rest at low long term gain rates - then he goes all self-righteous complaining that his “secretary” pays more taxes than he does and that rich people should be paying more of their fair share......
When an asset is held as an investment and increases in value, and is then cashed out (sold), tax is owed on the difference between the purchase and the sale prices - if the asset is held for less than a year in most cases this is considered a short-term gain and is taxed at ordinary income rates - if held for more than year it is a long term gain and is taxed at a considerably lower rate than ordinary income - this is another place where Buffett probably uses the tax code to his advantage - by keeping assets locked up in his shares for years and years he undoubtedly pays taxes on the sales of the shares at long term rates - then turns around and complains about it.....
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