Buffet Willing to Release Income Tax Return

According to CNN, Buffet revealed in a letter to Rep. Tim Huelskamp that he made $62,855,038 last year and had a taxable income of $39,814,784. Reuter reports Buffet paid $6.9 million in federal income taxes, only 17.4 percent of his entire taxable income.

After President Obama introduced the “Buffet rule” tax increase, Huelskamp asked Buffet to release his income tax return. Buffet has stated he will release his income tax return if other high-earners do the same.

See Warren Buffet’s Income Wars $62,855,038 Last Year, The Huffington Post, Oct. 12, 2011.

Special thanks to David S. Luber (Attorney at law, Florida Probate Attorney Wills and Estates Law Firm) for bringing this article to my attention.