Warren Buffet Claims His Tax Rate at 17.4 Percent

October 17 00:00 2011

New York, October 17 (RainbowNewsLine.com) – In a letter to a Kansas Congressman, Warren Buffet has claimed that he has paid federal income tax at a rate which is close to 17.4%, while most middle income Americans pay taxes at a rate of over 30%. Mr Buffet partially disclosed his personal financial statements. He claimed that he had earned a taxable income of $39.8 million dollars and paid $6.9 million dollars in taxes.

The argument over whether wealthy Americans are being taxed enough has taken an ugly turn. Prior to receiving this letter from Mr Buffet, the Congressman had stated that he would disclose his personal financial statements if Warren Buffet did so. Post receiving the letter, he slammed the letter for being inadequate and urged Mr Buffet to release his full financial statements. He also asked Mr Buffet to make voluntary contributions to federal tax kitty, if he was so concerned about the state of affairs.

Warren Buffet has been repeatedly stating on media that the tax rules are different for the rich than they are for the average people. The US Senate is considering a proposal to tax the rich at a higher rate. This proposal has been named the “Buffet rule” after his initiative.