Warren Buffett’s gross income stood at $62,855,038 in 2010, the financial tycoon told Rep. Tim Hulskamp of Kansas in a letter. His taxable income reached $39,814,784 with $15,300 in payroll taxes being paid by the billionaire last year. He wrote the letter responding to a request by the Congressman to reveal his full federal tax return to help policy makers refine their stance over the Obama Administration’s “Buffett Rule.” Buffett urged other super-rich billionaires also to release their full return to help “the tax dialogue and intelligent reform.”
In an August op-ed in the New York Times the financial guru revealed his tax rate was the lowest one compared to anyone else in his office, claiming that rich Americans that gain large portions of their income from capital gains should be taxed higher by the federal government.
Meanwhile, his son Howard Buffett, 56, the Berkshire Hathaway Inc. director, expressed his views in support of “Occupy Wall Street” protesters, saying that “large corporations really screw people” in the past decade or so. According to the prominent philanthropist and farmer, a growing number of Americans find it hard to obtain enough food for their families while the inequality in the United States is growing. He told journalists at the World Food Prize conference that the country is experiencing the largest gap between earnings in her history with the government intending to cut a great amount of programs aimed to support the poor, a situation he never had witnessed in his lifetime.