Warren Buffett released his US Federal tax returns.
He reported an income of about US 40 million and paid about US 2 million last year.
I am surprised by the small amount of reported income and Federal tax he paid relative to his actual wealth in the US billions of dollars.
However it is all legal within the tax code.
He receives US 100,000 a year in salary for managing Berkshire Hathaway.
This too places him in a lower tax bracket.
This US election has provided insights into how the rich uses the tax code to pay the minimum amount of tax legally.
The tax code should be revamped to seal up all the loop holes and simplified too.
The tax accountants are doing a great job reducing the taxes of the super rich.
It is not illegal but is it fair and reasonable?
He reported an income of about US 40 million and paid about US 2 million last year.
I am surprised by the small amount of reported income and Federal tax he paid relative to his actual wealth in the US billions of dollars.
However it is all legal within the tax code.
He receives US 100,000 a year in salary for managing Berkshire Hathaway.
This too places him in a lower tax bracket.
This US election has provided insights into how the rich uses the tax code to pay the minimum amount of tax legally.
The tax code should be revamped to seal up all the loop holes and simplified too.
The tax accountants are doing a great job reducing the taxes of the super rich.
It is not illegal but is it fair and reasonable?
No comments:
Post a Comment