ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
No one among the 25 wealthiest avoided as much tax as Buffett, the grandfatherly centibillionaire. That’s perhaps surprising, given his public stance as an advocate of higher taxes for the rich. According to Forbes, his riches rose $24.3 billion between 2014 and 2018. Over those years, the data shows, Buffett reported paying $23.7 million in taxes.
That works out to a true tax rate of 0.1%, or less than 10 cents for every $100 he added to his wealth.
My “true tax rate” is a low single digit number too, if you measure it the same way, and I make ~$50k a year.
It’s extremely disingenuous to talk about taxes paid as a percentage of income, and as a percentage of total wealth/net worth, in the same breath, as if they are anywhere near the same thing.
It’s also extremely disingenuous to say someone is ‘avoiding tax’ by not paying tax on their unrealized gains in net worth. He doesn’t OWE any tax on that. NOBODY in the US does.
This is like calling someone a draft dodger, who was never drafted, lol.
Warren Buffet is hypocritical piece of shit.
My “true tax rate” is a low single digit number too, if you measure it the same way, and I make ~$50k a year.
It’s extremely disingenuous to talk about taxes paid as a percentage of income, and as a percentage of total wealth/net worth, in the same breath, as if they are anywhere near the same thing.
It’s also extremely disingenuous to say someone is ‘avoiding tax’ by not paying tax on their unrealized gains in net worth. He doesn’t OWE any tax on that. NOBODY in the US does.
This is like calling someone a draft dodger, who was never drafted, lol.
Normal people regularly owe taxes on unrealized gains. That’s what property tax increases are.