Why does Warren Buffet (#3 on the Forbes list) pay less taxes than his secretary?
Tax Law, Morals, and a messed up American society
He doesn't. He owes over 1 billion in back tax. Therefore he pays nothing, his secretary pays more. It's just another lie from the government.
I do not know about taxes, I believe the statement that got all the attention was that the secretary was in a higher tax bracket than he was. There is a difference.
The quick answer is that he is paying taxes on long term capital gains which are taxed at a flat but lower rate than the marginal tax rate of higher earners. However, it is important to understand that he does indeed do everything he can to limit the taxes paid by those businesses in the Berkshire portfolio. As Gusser said, he owes years of back taxes and continues to contest those taxes. Further, he uses government to build competitive advantage. He actively lobbies for additional regulations that are specifically geared toward providing him advantage. Basically, he throws up barriers to competition through government regulations. He has used government as an anticompetitive weapon for years.
The more you know about Buffet, the more you realize he is a hypocrite and a fraud. Rich yes, honorable, absolutely not.
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