Warren Buffett's Income Was $62,855,038 Last Year

Warren Buffett released what he said was his adjusted gross income last year.

CNN Money reports that in a letter to Republican Rep. Tim Huelskamp Buffett reveals that he made $62,855,038 last year. He also said his taxable income was $39,814,784.

According to Reuters, the world's third-richest man paid only $6.9 million in federal income taxes. That's 17.4 percent of his entire taxable income. Still, that's presumably higher than some others. It was recently reported that 1,400 millionaires paid no income tax at all in 2009.

Huelskamp had asked Buffett to release his entire income tax return after President Obama introduced the so-called "Buffett rule" tax increase. The rule is designed to stop millionaires from enjoying lower tax rates on what they earn from investments than what middle-class tax payers pay on their wages, according to the AP. Buffett has claimed that the ultra-wealthy can and should pay more in taxes and that the government should be laying claim to a larger share of his income.

In response, Huelskamp wrote to Buffett:

“The simplest way to substantiate your claim is to publicly disclose your tax returns as soon as possible so that policymakers, and the American people who elect them, can properly determine their veracity."

Buffett has said he would comply with Huelskamp's request if other high-earners do the same, according to CNN Money.

Buffett previously called on the government to take more of his and other high-earners' money in a NYT op-ed:

"OUR leaders have asked for 'shared sacrifice.' But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched," Buffett wrote.

Buffett goes on to suggest that his "mega-rich friends" are happy to be taxed more. When Salon recently contacted the country's 400 wealthiest people, only 12 responded, but 8 of those 12 said they would be willing to pay more in taxes, with one maybe.

Buffett has been known to give a sizable portion of his income to charity, putting special emphasis on efforts to end hunger in Africa.

Comments

[Roommate]

01:01 PM on 10/16/2011

Buffet always fail to mention that he gave $7 million dollars to taxes

[sandiegoconservative]

04:23 PM on 10/14/2011

And once again a story that carefully chooses to partially hide the most important aspect of the analysis- The total income earned from investments and NOT straight salary. It comes close, but them lumps the final amount together.

17% based on investment income is outrageous, why? How much of this income was already taxed then invested? Ill wager that most of it was. What was the tax rate on the original income? Substantially higher, because Buffett is in a much higher tax bracket.

And yet people on this site still don't seem to understand that concept. So let me ask you a question- If saving for middle income families for retirement/rainy day fund/peace of mind is so important, then how will you encourage saving by raising taxes on INVESTMENT income? Dividends and other investment forms of income do not follow the same graduated plan as income and payroll taxes.

[ted1545]

01:01 PM on 10/14/2011

Jeez 62 million and 17%...come IRS get this Pr5ck!

[brandon20678]

12:56 PM on 10/14/2011

No surprise at all and Obama has the " Buffett Rule " named after a guy who don't pay his fair share.

[JLau]

03:24 PM on 10/14/2011

That was the point.

[Djay0252]

11:58 AM on 10/14/2011

The rich continue to steal from the poor....that is the key and the rest of Buffet's rhetoric is a smoke screen.

[Dieter Zerressen]

10:42 PM on 10/13/2011

There it is in black and white folks: 17%. Most in the middle class or upper middle class pay 28% or higher. And Cain wants to drop that 17% to 9%. Are you kidding me?

[Tygartman]

12:27 PM on 10/14/2011

Capital Gains and dividends are currently taxed less than standard INCOME tax. If you believe that Capital gains and dividends should be taxed at a higher rate then so be it, but be careful not to compare apples to oranges.

Also, the middle class do NOT pay 28% due to deductions, etc.

[wdw808]

01:08 AM on 10/15/2011

agreed

[artemrss]

01:32 PM on 10/14/2011

Let's not forget, his 9-9-9 plan includes a 9% tax on everything you buy, including food and clothing. No one has to be very smart to understand who this will hurt most. Certainly not those making a good living, but to the average working class and middle class family, this would be a very unfair tax.

His proposal is ridiculous.

[wdw808]

01:07 AM on 10/15/2011

sound very fair....... everyone pays tax on all moneys........even the under the table money will get taxed

[dididangerlove]

05:25 PM on 10/13/2011

Has Tim Huelskamp responded other than to say "OMG, Warren Buffett actually did what I asked! I mean, he's Warren Buffett and I'm just little Timmy Huelskamp. What do I do now?!"

[bobbythompson3333]

04:06 PM on 10/13/2011

Where's the extra check to the IRS Mr. Good Example?

[1View]

04:49 PM on 10/13/2011

It went to charity , is the IRS considered charity ?

[wdw808]

10:31 AM on 10/14/2011

agreed.........he could write another check......but he won't

[doneflyin]

03:32 PM on 10/13/2011

Hey, Warren! How's 'bout paying a dividend on your poorly performing stock now that it is no longer a growth stock?
Just a stipend perhaps.
You might better think about trimming some of those bank stocks like BOA. BOA's reputation and performance just keeps on getting worse. It doesn't help your reputation much either which has been tarnished by your support of GS's nefarious practices.

[AceNewsServices]

03:26 PM on 10/13/2011

Anyone stating that he gives a lot to charity so everyone hears his voice is able to utilize the fact that people will hopefully believe he really cares about people starving and not the fact that giving can be rewarding to his pocket rather than his heart. " Man cannot worship God and Mammon "

[1View]

04:50 PM on 10/13/2011

And how much did you give to charity .

[geneandeddie59]

03:24 PM on 10/13/2011

If Buffet gave $30M to the Fed government, could he claim that as a deduction on his 1040, ie is there a statute that allows this as a deduction or would he have to pay taxes on the $30M as well?

[geneandeddie59]

03:21 PM on 10/13/2011

Pretty soon... the Republicans will claim that Buffet does not have a US birth certificate.

[different perspectives]

03:21 PM on 10/13/2011

17.4% of what buffet pays is considerably higher than 17.4% of what you pay

[cj7874]

04:26 PM on 10/13/2011

The rest 93.6% he gets to keep is even more considerably higher than my 93.6%. I don't want that much just wish I have enough to get health insurance for my kids. Sigh.

[different perspectives]

05:30 PM on 10/13/2011

how much money Buffet makes has absolutely nothing to do with your [in]ability of getting health insurance.

[ashley522159]

07:48 PM on 10/13/2011

and taxing warren buffet or some other rich person is going to give you more money how exactly?

[gomezrules]

03:01 PM on 10/13/2011

Does Buffet's charitable giving effect his tax liability? In other words, does the amount he gives away lower the amount he is obligated to pay? How many of the other 'wealthy' give considerably to charities? I would rather continue that than to keep providing money to the govt for wasting.

And for all those bemoaning the fact that some didn't pay taxes in a given year, why is that? Is anyone saying they did anything illegal? What are the circumstances that result in some not paying taxes in a given year? Anyone ever bothered to see what those 1400 or so actually PAID in a year when they did owe? How about the WHOLE picture for once? How about all of the data so a truly informed decision can be arrived at? But I know, I know, we'll never get that from here.

[Dan Crabtree]

02:48 PM on 10/13/2011

Have no idea on this man but do have a physican friend who grossed a million last year in income..his tax bill right at 500 grand..

[oilfield]

03:35 PM on 10/13/2011

so do you think 500k is fair? or should it be less and he take off a few months out of the year....my take especially on physicians.....at some point when they have enough, they will quit working and we will be one doc short.

[eco124]

04:18 PM on 10/13/2011

Bet he feels great when libs say millionaires don't pay any taxes.