Warren Buffett’s taxes

Warren Buffett’s taxes, by Philip Greenspun.

My friends on Facebook are pointing to Warren Buffett’s release of his tax returns (nytimes) as (1) proof that Donald Trump was lying when he said that Buffett avoids taxes, and (2) proof that Buffett, a Hillary Clinton supporter, is doing his fair share to keep the government’s cash bonfire going…. None of my friends, in celebrating this data release, questioned how the world’s third-richest person had [such a low] income considering his wealth.

Buffett reported an income of $11.6 million and taxes paid of $1.85 million. Forbes says Buffett has $65 billion. Thus $1.85 million is 1/35135th of his total wealth. That’s equivalent to a millionaire paying $28 in tax … as her entire tax for the year.

hat-tip Matthew