You and other
millionaires billionaires have been pleading with Congress to raise taxes. You could have not put your money where your mouth is by simply giving the government its fair share. To your credit you did release a summary of your income showing how unfair the current tax code is.
Mr Buffet Income and Taxes using 2010 form 1040:
Adjusted Gross Income (AGI) $62,855,038,
Taxable Income: $39,814,784,
Federal Income Tax $6,923,494.
Dividing your Federal Income Tax by his Taxable Income gives you an average tax rate of 17.4%. This does seem unfair and the solution is Easy as use the 1040EZ form. Let's take a look at what would have happened if you had used the EZ form instead.
Let's fill it out Line 4 would be Adjusted Gross Income (AGI) $62,855,038,
Now Taxable Income: $39,814,784 will change. Instead of subtracting $23,040,254 you will get to deduct $9,350. for a taxable income of $62,845,688.
Now, we are onto calculating your tax
You won't qualify for making work pay (Even though you did). You don't qualify for the earned income credit nor combat pay. So your taxable income of $62,845,688. Now lets see what your tax will be.
Strange the IRS doesn't think anyone making over $100,000 dollars would use the EZ form. Oh well let's go to the table on 1040 form.
$62,845,688 X .35 - 22,356,25 = $21,973,625
Warren, I was able to do you taxes in a couple of hours and make your tax liability fairer as you wanted. As you can see by making the tax code simpler we can raise revenues significantly. We may even be able to lower rates and still raise revenue. This is the republican position you have been denouncing. Your backing of the President’s proposal for creating new brackets and complicating the code even more to raise money is wrong.
If I was a cynic I would say that you know that the republican proposal is superior but you are a crony capitalist who knows by raising the taxes on high income earners. You would be getting other millionaires to pay your fair share since the great majority of your income comes from capital gains. You would continue to pay the 15% on your capital gains while those that earn their income in salary would pay in more. to feed The government trowel would have the pork for you and your cronies can make a Solyndra deal with the President. If I was a cynic I would say that one of your ways to get rich is to have others pay your taxes.
Again look at the difference between simpler tax vs the Numerous rates and numerous deductions for cronies.
|Mr Buffet Income||1040||1040EZ|
|Adjusted Gross Income (AGI)||$62,855,038||$62,855,038|
|Federal Income Tax||$6,923,494||$ 21,973,625|
Progress can be made not by fighting with republicans and siding with class warfare. The idea of lowering rates and closing loopholes will work. For the sake of making progress please call on Obama to end the Buffet rule and compromise with the republicans.