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Life Health > Life Insurance

Buffet Made $62,855,038 Last Year (CNN Money)

By Staff Writer

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Since August, when Warren Buffett published an op-ed in The New York Times, he has drawn national attention for his campaign to get Congress to raise taxes on the wealthy.

On Tuesday, in a letter to Republican Rep. Tim Huelskamp, Buffett backed his words up with numbers, stating that his adjusted gross income last year was $62,855,038, and that his taxable income was $39,814,784. 

This $23 million difference, he says, was due largely to deductions he took based on charitable giving and local taxes.

Additionally, the lower tax rate (17.4%) is due in part to the fact that much of his annual profit comes from investments, which are taxed at a lower rate than wages.

In his proposed rule, Buffet pushes for those making more than $1 million per year to be taxed at a higher rate than other taxpayers.

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