Billionaire Warren Buffett Earned $62,855,038 in 2010

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Billionaire investor Warren Buffett this week showed a little more leg in his campaign to get Congress to raise taxes on the uber-rich.

In a letter to Republican Rep. Tim Huelskamp Tuesday, Buffett revealed that his adjusted gross income last year was $62,855,038 and that his taxable income was $39,814,784. Buffett said he paid $15,300 in payroll taxes.

Buffett also said his federal income tax bill came to $6,923,494, or 17.4% of his taxable income -- two points he revealed in a New York Times op-ed in August urging Congress to tax the wealthy more.

Buffett provided a copy of his correspondence with Huelskamp to CNNMoney's Poppy Harlow. He said in an interview that the roughly $23 million difference between his AGI and taxable income was due largely to deductions he took for charitable giving and local taxes.

Two key reasons he only paid 17.4%, however, is because a lot of his income came from investments, which are taxed at a lower rate than wages, and because payroll taxes are assessed only on the first $106,800 of wages.

"People who make money with money are getting taxed at a far lower rate than people who make money by their own labor," Buffett told CNNMoney.

In his letter, Buffett also repeated his offer to release his full tax return if other super-wealthy taxpayers -- like News Corp. chief Rupert Murdoch -- did the same.


"If you could get other ultra-rich Americans to publish their returns along with mine, that would be very useful to the tax dialogue and intelligent reform," Buffett wrote. Buffett, chairman of Berkshire Hathaway, also aimed to dispel any doubts that he has not been recounting his income figures accurately.

If other wealthy taxpayers offered to release their returns, Buffett said, he would agree to "a pre-release wager" with anyone for any sum "that the figures in my return will be exactly those used in my op-ed piece."

After the release of the letters, Huelskamp said that Buffett's disclosure, while it may be accurate, is incomplete.

--CNNMoney's Poppy Harlow contributed reporting to this article


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Rabiddogg

Warren Buffet was not being entirely accurate when he said his tax rate was only 17.4%. The company he owns, Berkshire Hathaway, paid 38% in 2010. That means for every dollar Warren earned as part of BH he paid 38 cents to Barry Obama. Then, any dividends he receives from BH is taxed again at 15% at the Cap Gains rate, which amounts to another 9 cents for every dollar he earned from BH as a shareholder. This means Warren pays 47% of his income as an owner of Berkshire to the federal government. If you add on Obama's surcharge from last night, Warren will end up paying 63% of what he earns to Obama. That is highway robbery.

January 25 2012 at 2:16 PM Report abuse rate up rate down Reply
listinghelp

EVERYONE SHOULD GET A GUN PERMIT. VOTING IS NOT THE ANSWER. ONLY THE RICH GET IN. YOUR ONE VOTE DOES NOT COUNT. WHY DID BUFFET GIVE 50 BILLION TO BILL GATES? HE ONLY GIVES AWAY THE INCOME MADE ON THE NON-PROFIT BIZ HE HEADS UP. TO BAD BILL IS ALIVE AND STEVE IS DEAD. ALL GATES DID HIS ENTIRE LIFE IS STEAL EVERYONES IDEAS.

October 18 2011 at 10:05 PM Report abuse rate up rate down Reply
saduncan0530

My son is law worked for Mr. Buffett's Railroad in Illinois and St Louis and he was unfairly fired after 13 years of working for him. He has a family and they have really been hurting. He can't get a job with another railroad for 2 years they will not hire him. This was a political dismissal and the union couldn't do anything about it. He went to work everyday and tried to support his family and now he has no job.......

October 15 2011 at 6:14 PM Report abuse rate up rate down Reply
bartandyc

If the inheritance tax on more than 1 million dollar estates was raised to 80 % no if's &" or butts the economic picture would improve dramatically

October 15 2011 at 4:17 PM Report abuse rate up rate down Reply
drbdes

Warren you are undoubtedly a great man.
the leadership is very useful.
you and a few of us, if we use our wealth,
create a $1 trillion or greater pool,

create jobs to start at 300-400 a month[they may use other funds, medicare ,medicaid to supplement]
then gradually increase these earnings,
our investment could be easily returned to us,
or maybe reinvested,
to make the world better,
let them get paid more, as better, less part time, more full time jobs are created.
but we can easily harness this 1 trillion,
and get our money back.
most of us, do not need it,
and the Karma we acquire or good will og gods]if we get people to really believe in this]
can be more beneficial.
this can be done without touching the taxes.

we can force the creation of alternate transportation,
soon eliminate oil, or vehicles dependent on oil.
we can use Steam[one old stem car sold for 4 million, and still working] methane, ethanol, propane, diesel,solar etc etc
and create independence in one year or less.
yes we will destroy the industry that is surely destroying the world, as we know it.
so why not destroy the well known enemy[not look for mythical enemies, kill the one we know, and its not even murder]let them find another way to make a living.

let us show them how all humans can get their medications cheap[we may have to forget the very expensive for the poor, its not there anyway]
can provide 2-4 Dollar meds per month[or many of us can donate this.
each working family can easily provide one meal a day to the poor[maybe 10-20 million.
will help all to reduce fat, and wasteful over eating.
gods again will smile on us.
please do this,
300-400 a month
for one yr=3600-4800
and find out how many jobs we can create,
get all out of unemployment
even the dead can be used as paper weights and get paid
or those with one hand can do something for 1-4 hrs a day,productive, be paid, not hungry not be allowed to die[like those wishing death for our people ,without insurance or get executed so that some can cheer]
we have more than sufficient space to house all our homeless.
let us look for 200-400 sq ft,
put a mattress, keep warm, if we are in hell[or very clod godforsaken areas]
we can feed them, on practically nothing, by recirculating the waste or unwanted food.
they can do some work, even the very disabled can do something,
at least they can breathe or help another to breathe.
all until we buy enough time to make their life better,
so that they can live better, lead themselves

October 15 2011 at 4:12 PM Report abuse rate up rate down Reply
BCH Marketing Co

Buffet CAN pay more taxes any year he wants to. STOP whining about paying too little and Pay MORE!

There are boxes on Federal Tax Return to pay additional taxes should you feel you are not paying enough.

I think paying 38% is MORE than enough. He thinks he is helping the "poor" who pay ZERO Federal and State taxes at this time.
He is screwing the small business owner by whining about raising federal tax rates.

Pay more without screwing everyone.

Why do all the rich become liberals- GUILT.

October 15 2011 at 3:02 PM Report abuse rate up rate down Reply
1 reply to BCH Marketing Co's comment
Jeff

Except it's already been shown that people will not voluntarily pay more taxes unless required to do so. Buffet is correct in asking that the laws be changed so that EVERYONE in his catagory is required to pay a larger share.

October 17 2011 at 5:25 PM Report abuse rate up rate down Reply
kyhammer00

warren buffett shame on you not for helping the poor little children that are hungry and with out clothes . god has you on his list you know, do you think you can take it with you when you die dont think so. i dont have much but know where i am going when i die. warren do you?

October 15 2011 at 1:51 PM Report abuse rate up rate down Reply
1 reply to kyhammer00's comment
shopknuckleheads

read before you say frankly ignorant things. he is giving billions away to charity. bill gates talked him into it and together, they have given many billions to charity.
READ.

October 15 2011 at 4:57 PM Report abuse rate up rate down Reply
Peter Detruse

This reminds me of the many times I'll turn on a news report, observe some victim or witness to a horrific crime speaking to a news reporter with police and observers milling about. The reporter invariably asks about the suspect and the interviewee will, without exception, say something like this about what the criminal was doing:

"I was minding my own business and I witnessed a GENTLEMAN proceed to rape the woman..."

As if rape is a "gentlemanly" act.

The crime was against the English language. This article commits a similar crime. "Warren Buffet "earned" a gazillion dollars?

No one earns a billion dollars. Even Steve Jobs had tens of thousands of direct employees and many more subcontractor and partner companies to make Apple products.

No. Warren Buffet didn't earn 62 billion dollars, he took home, made, yielded, profited, or pocketed 62 billion dollars. He seems like a nice gentleman too. :o)

October 15 2011 at 1:46 PM Report abuse rate up rate down Reply
oldupser

Send the IRS some more money. If he thinks he doesn't pay enough pay more

October 15 2011 at 12:51 PM Report abuse rate up rate down Reply
ugotmymessage

we all have the same amount of money the day we die

October 15 2011 at 11:48 AM Report abuse rate up rate down Reply
1 reply to ugotmymessage's comment
Jeff

If you really believe that, you are very naive.

October 17 2011 at 5:27 PM Report abuse rate up rate down Reply