Thursday, October 13, 2011

Buffet federal income tax is just 11%

Forbes reported Warren Buffett has now released a few more details about his 2010 tax bill which show he paid just 11.06% of his adjusted gross income in federal income taxes last year—considerably less than the rate for the 400 highest income taxpayers, or for folks earning $100,000 to $200,000 a year.
the billionaire had adjusted gross income in 2010 of $62,855,038, taxable income of $39,814,784, and a federal income tax bill of$6,923,494. That makes his effective tax rate, as a percentage of AGI, just 11.06%......

Most MSM tries to mis-inform by stating "Buffet was taxed on 17.4% of his TAXABLE income". One of Mr Buffett's gripes is that many of his employees pay a tax rate in the 30 per cent range as opposed to the teens like he does.

If the rich open their tax bill, most will shows a lower than the poor.
CBS reported  "What would be useful would be to get more of the ultra rich to publish their returns," Buffett wrote. "If you could get other ultra rich Americans to publish their returns along with mine, that would be very useful to the tax dialogue and intelligent reform. I stand ready and willing -- indeed eager -- to participate in this exercise."
"If you can get any of the ultra rich to relase their returns simultaneously with mine, I will be willing to have a pre-release wager with anyone who wishes for any sum that they wish that the figures in my return will be exactly" what he stated, Buffett wrote.

Singapore's elites should open their income tax statement
Capital gain and dividends are still taxed in USA, Singapore has did away with it. Hence, SG ultra-rich would probably be taxed close to 0%.

While PAP blames the people for their failure and claim that the rich helps create wealth, the average Joe here in fact shoulder more tax in proportion (40%) than any place in the world. [see this]

No comments: