In a highly publicized column in mid-August, billionaire investor Warren Buffet urged Washington politicians to stop coddling America’s wealthiest and to increase taxes on the super-rich like himself.
It was a month chalk full of publicity for the Chairman and CEO of Berkshire Hathaway. The man holds interests in everything from Geico Insurance to its recent $5 billion in the struggling Bank of America.
Financially savvy at a young age, if anybody knows money, it’s Buffet. He was rumored to have made thousands of dollars even before graduating high school.
So when the New York Times published his column, it was a rallying cry of sorts for Democrats and supporters of President Barack Obama, who counts Buffet as a source of economic advice. Obama and Republicans in Congress have faced off over tax breaks for the top 2 percent of American households.
Buffet claimed overall 2010 tax rate was lower than that of everyone else in his entire office. While mega rich investors like himself pay income taxes, they pay no payroll taxes. And they take advantage of numerous loopholes to avoid paying the top tax rate of 35 percent.
He also disputed the notion that higher taxes scare investors away from the trade of making money with money. In response, conservative economists labeled his focusing higher taxes on the rich as misguided and wrong.
While the super-rich take advantage of numerous loopholes to maintain their financial empires, a tax attorney can help you resolve your tax debt so you can start building yours.
Sign up for our newsletter and be the first to find out when exciting IRS news happens. Yes, exciting. We're really into taxes.