Warren Buffett reveals tax bill

Billionaire's federal tax rate works out to 17.4 per cent

In his ongoing campaign to increase taxes on the mega-rich, Warren Buffett revealed he brought in $62,855,038 last year, with $39,814,784 of it qualifying as taxable income. His federal tax bill was $6,938,744, or 17.4 per cent, which Buffett says is too low compared to middle-class earners. His cause was recently taken up by U.S. president Barack Obama, who proposed tax hikes on incomes above $1 million. The tax increase has come to be known as the Buffett tax since Buffett wrote an op-ed for the New York Times this summer in which he argued that, “My friends and I have been coddled long enough by a billionaire-friendly Congress.” Details of Buffett’s income were included in a letter he sent to Kansas Republican Rep. Tim Huelskamp and obtained by the Associated Press.