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| (Scott Eells/Bloomberg via Getty Images) |
Billionaire
Warren Buffett revealed he made $62,855,038 last year, though his taxable
income was only $39,814,784.
In a letter
to Rep. Tim Huelskamp, R-Kan., obtained by the Associated Press on Wednesday,
Buffett revealed his adjusted gross income to the super committee member in his
quest to persuade Congress to raise taxes for the rich. Buffett has argued that
the wealthy do not pay their fair share of taxes compared with the
middle-class.
The letter
was one of several to members of Congress as the so-called super committee
decides how to trim $1.2 trillion from the federal budget.
This
summer, Buffett’s op-ed in the New York Times argued for an increase in taxes
for the rich, saying the they are “coddled” by Congress “as if we were spotted
owls or some other endangered species.”
He wrote: “My friends and I have been coddled long enough by a
billionaire-friendly Congress. It’s time for our government to get serious
about shared sacrifice.”
In the
letter, Buffett wrote that he paid $6,938,744 in federal taxes last year, or
17.4 percent of his taxable income.
His taxable
income subtracts exemptions and itemized deductions, such as charitable
donations, certain business expenses and state and local taxes, from his
adjusted gross income.
Buffett,
who is known to have a relatively simple lifestyle for a billionaire, has long
advocated for the rich to donate their wealth to charitable causes. Buffett and
Gates helped launch the Giving Pledge in June 2010, asking the super-wealthy to
donate half their fortune to philanthropic causes.
In
September, President Obama proposed the “Buffett rule,” explaining that those
earning $1 million or more should be taxed at similar rates as the middle-class
.
Buffett,
worth about $39 billion, is the second richest person in the U.S. after BillGates ($59 billion), according to Forbes’ list of richest people in the country
released in September.
Buffet’s
wealth fell $6 billion in the past year, losing the most total dollars in
Forbes’ list. He gave away $3.27 billion in the past year and was affected by a
10 percent decrease in the shares of
Berkshire Hathaway, where he is CEO.
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